Research Report: Guarding the Social Gates: The Imperative for Social Media Risk Management
Author: Alan Webber with Charlene Li and Jaimy Szymanski
Publication Date: August 9, 2012
Social media is the modern Pandora’s box: it has had a meteoric rise as a tool to interact and engage with customers, but also a dark underside exposing companies to new types of risk. Almost two-thirds of companies surveyed say that social media is a significant or critical risk to their brand reputation, yet 60% of companies either never train their employees about their corporate social media policies or do so only upon hiring. Moreover, 43% of companies have less then one full-time equivalent (FTE) dedicated to managing social media risk.
To safeguard brand reputation, protect information and intellectual property, and mitigate legal actions, organizations need to be more proactive about managing social media risk. To set up an effective social media risk management process, organizations need to focus on four areas, outlined within this report: 1) Identifying social media risks; 2) Assessing and prioritizing those risks against limited resources; 3) Mitigating and managing those risks to reduce the impact on the organization; and 4) Evaluating emerging risk against mitigation efforts.
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This research report was 100% funded by Altimeter Group and published under the principle of Open Research. The report and survey data are intended for you to read, utilize, and share with others. We ask that you provide attribution to Altimeter Group.