Post on 01-Nov-2014
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Social Media Risks Vs. Rewards
Understanding and avoiding risks in order to achieve rewards for your brand in social media.
Slide 2
Agenda
Confidential
Introductions
Social Media Risk Concepts
Tackling Risk
Technology Recommendations
Conclusion
Slide 3
Why Care?
Confidential
Handle objections to social investment
Protect your investment
Protect your audience
Save time – resource – money
Don’t be a headline - Reduce crises that impact your brand and your team
Slide 4
Social iQ Networks Introduction
Confidential
Who – ◦ Experienced Enterprise Software & Security Professionals
What – ◦ Solution to discover, audit, and protect brand social accounts
How –◦ Secure, SaaS-based product
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Social Media: Balancing Opportunity With Risk
Alan WebberPrincipal Analyst@AlanWebber
© 2012 Altimeter Group
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Altimeter Group is a research-based advisory firm that
helps companies and industries leverage disruption to
their advantage.
Visit us at http://www.altimetergroup.com or contact
info@altimetergroup.com.
ABOUT US
© 2012 Altimeter Group
Pandora’s box 7
Used under a Creative Commons license from Christian Botha via Flickr at http://www.flickr.com/photos/23497519@N06/3868128009/
© 2012 Altimeter Group
Social media crises are on the rise8
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What can happen…9
March 6, 2012: “Dinner w/Board tonite. Used to be fun. Now one
must be on guard every second.”
March 7, 2012: “Board meeting. Good numbers=Happy Board.”
March 10, 2012: “I am logging off Twitter now because co-
workers are looking at me as I'm laughing.”
© 2012 Altimeter Group
Understanding the risks
Putting social media risk management in place
Next steps
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Agenda
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© 2012 Altimeter Group
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Key types of risk
Reputation
Identity Theft
Legal, Regulatory & Compliance
Confidential Info
© 2012 Altimeter Group
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Key types of risk
Reputation
Identity Theft
Legal, Regulatory & Compliance
Confidential InfoInternal
External
© 2012 Altimeter Group
Reputation is the highest risk13
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Every platform is a source of risk14
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Facebook is the riskiest15
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The IAME model16
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Step 1: Identify the risks17
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Reputational
Regulatory and compliance
Legal and privacy
Operational
Four types of risk18
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Organizational reputation risk
Damage to the brand reputation
Results in a loss of trust and credibility
Can lead to other significant losses
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Kenneth Cole receives mass backlash for insensitive #Cairo tweet and quickly retracts
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But not before spoof PR Twitter account is created and bad press spread with hashtag
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Regulatory and compliance risk
Violations of government and regulatory agency rules and and guidelines
Primary result is financial penalty or similar government imposed sanction
Can lead to reputation degradation
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Novartis gets slapped by FDA
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Legal and privacy risk
Result in the organization failing to take a necessary action that results in harm
Often these are privacy issues or release of confidential information
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Operational risk
Can compromise the operations and security of an organization
Includes
• Reduced employee productivity
• Release of IP
• Malware
• Social engineering
• Digital business continuity
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How to identify potential risks26
Review historical activities
What are you hearing
Learn from others
Create a social media risk library
Review the risks of new activities
Look at platform shifts
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Step 2: Assess the risks27
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Companies don’t assess their social risk28
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BofA fee debacle: what happened?29
How this
Led to this
Which ledto this
Sources: TIME, New York Times
© 2012 Altimeter Group
BofA fee debacle: Twitter exploded30
There was so much buzz that “Debit card fees” was a trending topic
Source: Huffington Post, “Bank Of America Debit Card Fees: Twitter Reacts”
© 2012 Altimeter Group
BofA fee debacle: a real business impact31
In a TIME poll, 75% of nearly 1,000 Bank of America customers said they’d switch banks.
According to J.D. Power’s director of banking services, roughly two-thirds of people who say that they plan to switch banks actually do so.
The bank’s stock dropped by more than 3.5 percent the day after the fees were announced.
Source: TIME, “Bank of America Backlash: Consumers React to Debit Card Fee”
© 2012 Altimeter Group
Assessing a social media risk32
Component Subcomponent
Likelihood Catalyst
Opportunity
Motive
Impact Reputation
Availability
Legal/Compliance
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Four steps to assess a risk33
1. Rate the likelihood
2. Rate the potential impact
3. Rank the risks
4. Prioritize efforts and resources
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Scoring the social risk34
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Step 3: Mitigate and manage35
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1. Understand how to make decisions
2. Put governance in place
3. Staff with dedicated resources
4. Put the right policies in place
5. Train employees on boundaries
6. Deploy necessary tools
Six steps to social media risk mitigation36
© 2012 Altimeter Group
Have a decision making structure37
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Have a governance model established38
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Social Media Risk Mgt.
Marketing
Human Resources
Legal and Compliance
IT and IS
Comms and PR
Security and Risk Mgt
All the right components of the organization need to be included
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Have the right policies40
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Define expectations for associates with an internal Social Media Policy
Examples of Social Media Guidelines created by Intel and Cisco
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And make sure they are up to date42
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Train employees on the boundaries43
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Listening and Monitoring
SMMSSocial Media
Compliance
Put the right tools in place44
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Step 4: Monitor and evaluate45
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Listen and learn
Review mitigation efforts and strategies when
• Entering a new channel
• Emergence of a new technology
• Identification of a new threat
Go back to start
Putting evaluation in place46
© 2012 Altimeter Group
1. Make social media risk a board issue
2. Learn from past crises
3. Review your own responses
4. Test your ability to respond
Next steps:47
Slide 48
Technology Tips – Account Guardrails
① Address Account SprawlInventory & Audit Your Brand Accounts
② Protect / Lock Account AccessWhich admins
What Publishing Apps (never just 1)
What known good profile
③ Compliance, Security, and AUP PoliciesAuto-moderation for bad / dangerous content
Enforce policies regardless of publishing app
Use incident notification, archiving, and remediation for posts, comments, tweets, etc.
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© 2012 Altimeter Group
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THANK YOU
Alan Webberalan@altimetergroup.com
roninresearch.org
Twitter: alanewebber
Devin Redmond
devin@socialiqnetworks.com
socialiqnetworks.com
@SocialiQNet