Think about social media security, companies urged

31/January/2012

Businesses need to consider the strategies they have in place for managing their online accounts on social networks, according to KPMG.

Social media now has a place not only in the private, but also in the business world.

Still a relatively new phenomenon, it's the case that many companies have set up a presence on social platforms in order to do business.

These can be in a number of ways – to sell products, interact with consumers and expand company brand are just three.

Many employees increasingly have official work accounts too – especially on the microblogging website Twitter.

But despite the take-up of social, companies are failing to assess the risk of data breaches the way they might with other platforms.

According to George Thompson, director of information protection within KPMG's Advisory Practice, terms and conditions and privacy settings for social networks are rarely fully read and understood.

This is in the face of the growing risk of online fraud and the huge cost of internet crime.

"The implications are vast as social media now has a place not only in the private, but also in the business world," Mr Thompson said.

"Many companies are still holding off with their social media engagement as data manipulation may result in embarrassing situations for individuals, and also potentially damaging situations for businesses."

Separate KPMG research found that 80 per cent of UK companies believe the use of social media delivers significant business returns which outweigh the risks of use, such as data manipulation and loss. 

But the risk is massive, Mr Thompson stated

For example, think about what would happen if the Twitter account of a chief executive was hacked and the hackers spread false company news.

"As a general rule, don't give away too much information about yourself and about your business," Mr Thompson said.

"The more data stored, the more damaging it can be in case the data is accessed unauthorised.  If you trust the provider of a website make sure your personal information is only accessible to the people you have selected."

So what can you do?

KPMG advises making a list of all social networks you've registered with, checking what access your social networks grant to other sites and networks and regularly change your passwords.

You could also look at how business information and marketing data services could help you manage company data online.