iStrategy Chicago Conference 2012 - Social Media Risks Vs. Rewards

Social Media Risks Vs. Rewards

Understanding and avoiding risks in order to achieve rewards for
your brand in social media.

 Introductions

 Social Media Risk Concepts

 Tackling Risk

 Technology Recommendations

 Conclusion

Confidential Slide 2

 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


 Who –
◦ Experienced Enterprise Software & Security Professionals

 What –
◦ Solution to discover, audit, and protect brand social accounts

 How –
◦ Secure, SaaS-based product


5

Social Media: Balancing
Opportunity With Risk

Alan Webber
Principal Analyst
@AlanWebber

6

ABOUT US
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.

© 2012 Altimeter Group

7

Pandora’s box

Used under a Creative Commons license from Christian Botha via Flickr at http://www.flickr.com/photos/23497519@N06/3868128009/


8

Social media crises are on the rise


9

What can happen…

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.”


10

Agenda
 Understanding the
risks
 Putting social media
risk management in
place
 Next steps


11

Key types of risk
Reputation

Confidential Info

Legal, Regulatory
& Compliance

Identity Theft


12

Key types of risk
Reputation
Internal
Confidential Info

Legal, Regulatory
& Compliance
External
Identity Theft


13

Reputation is the highest risk


14

Every platform is a source of risk


15

Facebook is the riskiest


16

The IAME model


17

Step 1: Identify the risks


18

Four types of risk
 Reputational
 Regulatory and compliance
 Legal and privacy
 Operational


Organizational reputation risk
 Damage to the brand reputation
 Results in a loss of trust and credibility
 Can lead to other significant losses


20

Kenneth Cole receives mass backlash for
insensitive #Cairo tweet and quickly retracts


21

But not before spoof PR Twitter account is
created and bad press spread with hashtag


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


Novartis gets slapped by FDA


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


Operational risk
 Can compromise the operations and security of
an organization
 Includes
• Reduced employee productivity
• Release of IP
• Malware
• Social engineering
• Digital business continuity


26

How to identify potential risks
 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


27

Step 2: Assess the risks


28

Companies don’t assess their social risk


29

BofA fee debacle: what happened?

How this

Led to this

Which led
to this

Sources: TIME, New York Times

30

BofA fee debacle: Twitter exploded

There was so much buzz that
“Debit card fees” was a
trending topic

Source: Huffington Post, “Bank Of America Debit Card Fees: Twitter Reacts”


31

BofA fee debacle: a real business impact

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”


32

Assessing a social media risk
Component Subcomponent
Likelihood

Catalyst
Opportunity
Motive
Reputation
Impact

Availability
Legal/Compliance


33

Four steps to assess a risk
1. Rate the likelihood
2. Rate the potential impact
3. Rank the risks
4. Prioritize efforts and resources


34

Scoring the social risk


35

Step 3: Mitigate and manage


36

Six steps to social media risk mitigation
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


37

Have a decision making structure


38

Have a governance model established


39

All the right components of the organization need
to be included
Marketing

Human
Resources

Legal and
Compliance
Social Media
Risk Mgt.
IT and IS

Comms and
PR

Security and
Risk Mgt


40

Have the right policies


41

Define expectations for associates with an
internal Social Media Policy

Examples of Social Media Guidelines created by
Intel and Cisco


42

And make sure they are up to date


43

Train employees on the boundaries


44

Put the right tools in place

Listening and
Monitoring

Social
Media SMMS
Compliance


45

Step 4: Monitor and evaluate


46

Putting evaluation in place
 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


47

Next steps:
1. Make social media risk a board issue
2. Learn from past crises
3. Review your own responses
4. Test your ability to respond


① Address Account Sprawl
Inventory & Audit Your Brand Accounts
+
② Protect / Lock Account Access
Which admins
What Publishing Apps (never just 1)
What known good profile
+
③ Compliance, Security, and AUP Policies
Auto-moderation for bad / dangerous content
Enforce policies regardless of publishing app
Use incident notification, archiving, and remediation
for posts, comments, tweets, etc.

Slide 48

49

THANK YOU

Alan Webber Devin Redmond
alan@altimetergroup.com devin@socialiqnetworks.com
roninresearch.org socialiqnetworks.com
Twitter: alanewebber @SocialiQNet


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