I was recently involved with a company that experienced a catastrophic failure of one of their key products.  A couple of interesting observations from the sidelines.

Blame.  I was struck by the time wasted on determining who was at fault with this issue.  Accountability is important, and sometimes people need to be fired, but in this case I believe sheer bad luck was at work.  Fix the problem, prevent it from happening again (if possible) and move on.  The time spent on a crisis, while frequently appealing to our human nature, is time wasted.

Proportionality.  A crisis is frequently an opportunity in disguise.  In this company's case it provided them with the chance to look at their long-term strategy, as everyone's attention was focused and focused hard.  Always be looking for these chances to reinforce what you are trying to do, specifically when your people are wired in.  This is a key business point:  match strategy with human nature.