Could Social Media Ruin Your Company?

Could Social Media Ruin Your Company?

Social Media poses opportunities and threats to businesses trying to gain a competitive edge in the digital arena.  The article summarizes some of the major threats to businesses, and how to defend against social media becoming a negative impact on a company.  The list of major threats mentioned are:

Reputational Risk

-When you invite your customer, client or prospect to participate in a conversation, it would be lovely to think that you will only get standing ovations, but let’s not kid ourselves.

Intellectual Property

-Copying is fast and easy online and it’s not always legal.

Hacking Your System

-War Games was a fun movie, but it also drove the enactment of one of the most far-reaching laws relating to computer systems — the Computer Fraud and Abuse Act.

Securities Fraud

-The ease and speed with which someone can tweet or post an update has created particular challenges for the investment world, which is constantly seeking the latest and best information in order to make profitable trades.

Protecting Against Risk

-Social media continues to reach more people, more personally, every day than any other form of communication ever has. Companies that understand their legal rights and protect against their legal risks in harmony with the standards of the connected online community will reap enormous rewards.

 

The Article paints an up to date picture of the social media threats that exist in business today.  It also cites relevant laws and codes that pertain to the risks and regulate online actions.  In reading the article ask yourself the following questions about your workplace.  If you are not working, think about on organization you are in or have been a part of in the past.

 

What are some of the social media threats that face your company? 

 

What are some of the social media threats that you pose to your company?  Either through inadvertent actions or deliberate means (not that you would do so)?

 

Where should companies ‘draw the line’ on accepting social media risk?

 

What are some of the ways that companies can mitigate social media risk?

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