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The Risk of Social Media

Posted by alprosp on August 8, 2012

According to an article in Forbes, social media is now recognized a the fourth-largest source of risk over the next three years – on par with financial risk. The main areas of concern include: cyber attacks, breaches of confidentiality, fast-spreading malicious rumors about the company, as well as financial disclosures.

For most of us this isn’t a surprise, but what I did find shocking is that while social media is recognized as a top risk factor little is done to monitor it. The article highlights that while executives recognize the importance of continuous monitoring of social sites for risk management, fewer than a quarter of them actually do it – meaning that 75% “hope that wildfires won’t spread before they get around to focusing on them.” It’s clear that social media is increasing its reach and influence at a fast rate. What organizations need to do now is focus energy on catching up with the fast pace in order to alleviate the fear of the damage that could be done through it.


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