June 7-13, 2010
Social Media Mania: How Companies Are Addressing the Risks
Social media, including Facebook, Twitter, YouTube, etc., is an evolving and growing means of communication. According to some reports, people have been spending more time using social media sites than e-mail since February 2009. See “A World of Connections,” The Economist, Jan. 28, 2010. For companies, social media presents both opportunities and risks. These risks include reputational, brand, legal, regulatory and security concerns. This article outlines some approaches that companies are taking to manage the risks, including: 1) reviewing existing company compliance policies and preparing social media policies as warranted; 2) restricting workplace access to social media; 3) utilizing social media monitoring tools; 4) taking into account actualsocial media businessissues; and 5) reviewing insurance coverage.
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