Top five social media risks for business

ISACA named the top five social media risks for business and recommended solutions to help businesses address security, customer service and corporate reputation risks raised by their employees' use of social media - on the job and off.

In a complimentary new white paper titled “Social Media: Business Benefits With Security, Governance and Assurance Perspectives”, ISACA, a leading global association for enterprise governance of information technology (IT), urges organisations to actively address the following potential risks:

* Viruses/malware
* Brand hijacking
* Lack of control over content
* Unrealistic customer expectations of “Internet-speed” service
* Non-compliance with record management regulations

Developed by a team of global ISACA experts, the white paper goes beyond the traditional look at social media in the workplace to address employees' use of social media outside of work. It also provides detailed how-to tips for effective social media governance. A free copy can be downloaded at http://www.isaca.org/research.

“Historically, organisations tried to control risk by denying access to cyberspace, but that won't work with social media,” said Robert Stroud, CGEIT, international vice-president of ISACA and vice-president of IT service management and governance for the service management business unit at CA Technologies. “Companies should embrace it, not block it. But they also need to empower their employees with knowledge to implement sound social media governance.”

Organisations need to consider employee behaviour when developing their approach to social media policies and practices. There are four significant risks created when employees use social media, whether they are on the job or off:

Although social media provides a new entry point for technology risks such as malware and viruses, these risks are increased primarily due to lack of employee understanding of “risky behaviour”. The white paper notes that any strategy to address the potential risks of social media usage should first focus on user behaviour.

“The greatest risks posed by social media are all tied to violation of trust,” said ISACA Certification Committee member John Pironti, CISM, CRISC, and president of IP Architects LLC. “Social media is built on the assumption of a network of trusted friends and colleagues, which is exploited by social engineering at great cost to companies and everyday users. That is why ongoing education is critical.”

“Social Media: Business Benefits With Security, Governance and Assurance Perspectives” is an ISACA Emerging Technology white paper that examines the security, governance and assurance concerns with employee and business use of social networking and media. Reviewed by a team of ISACA members holding IT or risk management positions, the white paper addresses the benefits, risks and privacy issues surrounding social media and provides guidance on implementing controls, managing usage, maximising value and minimising risk. To download a free copy, visit http://www.isaca.org/research.