Social media: the risks |
While there are many benefits, there are also risks. Many traditional compliance processes are failing to keep up with the fast-paced and interactive nature of social media. These risks are not restricted to brand or reputation and can have significant legal or financial implications:
- Legal and regulatory risk – Social media remains a relatively new frontier for legislation and regulation. Legal precedents are now being set around expectations and standards of privacy, as well as the ownership and liabilities that individuals, organisations and service providers have over user-generated content.
- Infrastructure and security risk – Many organisations already leverage the power of social media through portals and file sharing networks, using either in-house or third-party platforms. Each approach brings with it a unique range of regulatory and security implications. These include: security protocols and encryption; the physical security and unplanned downtime of host environments; the ownership of shared content; new legislation; and increasingly advanced threats.
- Individual privacy risk – Every internet user leaves behind a "digital exhaust", a trail of information about their online activity, interests and even potentially private data. All of which can be stored permanently online and “hacked”. This can then be used either to damage individual or corporate reputations, or used as leverage over high profile employees – particularly those with access to privileged information.
- Risks to individuals – High-profile individuals face increased risks to their security and privacy not only through their own social media presence, but that of their family or friends.
- Risk of absence – Organisations can be exposed to many of the reputational risks even without their own social media presence. In fact not having a presence can in itself be a risk; used effectively a social media channel can mitigate some risks before they flare up.
Organisations must develop new approaches to risk management as part of a successful social media strategy; this requires a move away from rigid processes towards a strong, shared internal culture which empowers employees within a principled framework.
The rewards |
New ways of working |
Is your organisation ready? |
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Social media - is your organisation ready?
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