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Guarding the Social Gates:
The Imperative for Social Media Risk
Management
August 9, 2012




                                                 By Alan Webber
                            With Charlene Li and Jaimy Szymanski

                         Includes input from 42 ecosystem contributors
Executive Summary
Social media is the modern Pandora’s box: It has had a meteoric rise as a tool to interact and engage with
customers, but also a dark underside exposing companies to new types of risk. Almost two-thirds of companies
surveyed say that social media is a significant or critical risk to their brand reputation; yet 60% of companies either
never train their employees about their corporate social media policies or do so only upon hiring. Moreover, 43% of
companies have less than one Full-Time Equivalent (FTE) dedicated to managing social media risk.
To safeguard brand reputation, protect information and intellectual property, and mitigate legal actions, organizations
need to be more proactive about managing social media risk. To set up an effective social media risk management
process, organizations need to focus on: 1) identifying social media risks; 2) assessing and prioritizing those risks
against limited resources; 3) mitigating and managing those risks to reduce the impact on the organization; and 4)
evaluating emerging risk against mitigation efforts.




   Methodology

   For this report, Altimeter Group conducted both quantitative and qualitative studies using a combination of an
   online survey, qualitative interviews, and an analysis of publicly available information. Specifics include:
            • This year we launched the 2012 Altimeter Social Media Risk Management Survey, an annually
              updated online survey and organizational assessment on management of social media risks. For
              2012, we surveyed 92 professionals from various industries and backgrounds who, in their current
              professional roles, said that social media risk management was their primary job function or a
              significant part of their professional responsibilities.
            • Qualitative interviews with 36 companies. Roles interviewed included: social media managers,
              compliance officers, lawyers, Chief Security Officers (CSO), social media risk managers, and senior
              executives of vendors, agencies, and end users.




                                                Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 1
Table of Contents

Social Media Often Has Unrecognized Risks..................................................................................................................................3
Defining the Types of Social Media Risk.....................................................................................................................................................3
The Most Popular Platforms Are Also the Most Risky...........................................................................................................................4
Putting a Social Risk Management Process in Place..................................................................................................................6
Step 1: Identify the Risks................................................................................................................................................................................7
Step 2: Assess the Risks................................................................................................................................................................................9
     The Components of a Social Media Risk-Assessment Process............................................................................................... 10
Step 3: Manage and Mitigate..................................................................................................................................................................... 12
     1) Create a Decision Framework......................................................................................................................................................... 12
     2) Put the Right Governance in Place................................................................................................................................................ 13
     3) Staff With Dedicated Resources..................................................................................................................................................... 15
     4) Protect the Company and Employee With a Set of Policies.................................................................................................. 16
     5) Train Employees on What the Boundaries Are........................................................................................................................... 19
     6) Deploy Appropriate Tools.................................................................................................................................................................. 19
Step 4: Monitor and Evaluate..................................................................................................................................................................... 20
Next Actions: Get Your Organization’s Head Out of the Sand.............................................................................................. 22

Ecosystem Input.......................................................................................................................................................................................... 23

Endnotes......................................................................................................................................................................................................... 24

About Us ........................................................................................................................................................................................................ 26




                                                                                    Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 2
Social Media Often Has Unrecognized Risks

Organizations today are jumping on the social media bandwagon in record numbers. In the United States, more than
80% of companies have a presence on Facebook, and 45% are active on Twitter.1 Globally, approximately 16% of
companies are using social media to interact and engage with their customers, according to the 2012 IBM Global
CEO Study, and that number is expected to triple in three to five years.2 More organizations are using social media to
reach and engage with customers and potential customers.
It sounds like a panacea, but social media isn’t all Eden. Imagine the 1:35 a.m. call informing you that your new
product scheduled for release next week has been accidentally leaked because of some Flickr images. Or the 5 p.m.
call that the regulators are going to be in your office first thing tomorrow because of a response that one of your
customer service reps tweeted to a customer. These are not hypothetical examples, but some of the real incidents
that have happened to companies in the past year that keeps social media managers, CMOs, compliance officers,
and others up at night wondering if it could happen to their organization.
Companies are often aware of the risks at some level, but instead of taking specific concrete actions, they cross their
fingers and hope that they dodge the bullet. The result: A whole new aspect of risk is introduced into the business
equation — social media risk.3 Altimeter defines social media risk as:


                             The likelihood that a negative social media event will happen
                                                     (multiplied by)
                              The impact that negative event will have if it does happen


Defining the Types of Social Media Risk
To find out the perspective organizations have on social media risk, we interviewed 33 people who are involved in
social media and social media risk management. We also surveyed 92 professionals who said that social media risk
management was their primary job function or a significant part of their professional responsibilities. When it comes to
social media, we found that the perception among most companies is that though social media is a valuable addition to
the organization in areas such as marketing, customer support, customer engagement, and internal collaboration, it also
presents potentially significant risks in areas like brand reputation, employee productivity, and malware (see Figure 1.1).
Specifically, we found that the four largest risks perpetuated by social media are:4
        1.	Damage to brand reputation. Of those surveyed in our 2012 Altimeter Social Media Risk Management
           Survey, 66% of 52 companies told us that social media represented a significant or critical risk to the
           reputation of the organization. Damage to brand reputation can result in a loss of trust or credibility of
           the organization. For example, the tweet by Kenneth Cole in February 2012 about the uprising in Egypt:
           “Millions are in uproar in #Cairo. Rumor is they heard our new spring collection is now available online at
           http://bit.ly/KCairo – KC” did significant damage at the time to the brand.
        2.	Releasing confidential information. Whether accidental or malicious, by its very nature social media
           can facilitate the inadvertent release of information. Companies are constantly concerned about the
           leakage of confidential information, from earning indications to changes in key staff. Of those we surveyed
           in our 2012 Altimeter Social Media Risk Management Survey, 32% of 52 companies told us that social
           media was either a critical or significant risk to releasing confidential information. For example, Gene
           Morphis, the former CFO at Francesca’s Holdings (a fashion retailer and public company) was fired after
           tweeting confidential information such as “Board meeting. Good numbers=happy board” and “roadshow
           completed. Sold $275 million of secondary shares. Earned my pay this week.”5




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3.	Legal, regulatory, and compliance violations. While the government works with private industry to
              reformulate its regulations around social media, companies in highly regulated industries want to engage
              and, at the same time, not violate any laws or regulations. For example, regulators fined Australian
              company Allergy Pathway for misleading testimonials written by its fans on Facebook and Twitter, even
              though Allergy Pathway did not write them.6 That is the reason 30% of 52 companies we surveyed in our
              2012 Altimeter Social Media Risk Management Survey indicated that the legal, regulatory, and compliance
              risks from social media were critical or significant, while another 25% rated the risk as moderate.
           4.	Identity theft or hijacking. Unfortunately, people having their identity maliciously stolen or hijacked is a
              common news story. Becoming more common are organizational identities being hijacked on social media
              platforms, including setting up fake Facebook pages or Twitter feeds and providing false information or
              acting otherwise maliciously. For example, anti-brand Facebook pages, user-created ads, and tweets were
              recently used against Royal Dutch Shell concerning its drilling in the Arctic.7 The effort, believed to have
              been executed by Greenpeace, includes a believable website, the ability to create ads by users, and the
              functionality to employ social media channels to spread the hoax. Brand hijacking and traditional identity
              theft fears led 25% of 52 companies we surveyed in our 2012 Altimeter Social Media Risk Management
              Survey to say that they felt the risk was critical or significant.
The Most Popular Platforms Are Also the Most Risky.
While companies are aware that social media creates risk and that it is growing, that risk is not equal across
platforms. Different platforms offer different levels of audience reach, different types of engagement, and different
levels of interaction. When asked, organizations see a significant portion of the risk tied up in just a few of the primary
platforms (see Figure 1.2).

Figure 1.1: Damage to Brand Reputation is the Largest Risk

“In the following areas, what is the level of risk that social media currently presents for your business?”

                       Reputation or damage to the brand            6% 4%       23%                       31%                              35%


                 Release of other confidential information          10%           25%                      31%                     17%                15%


                           Loss of intellectual property (IP)        15%                23%                      31%                15%               13%


                   Legal, regulatory, or compliance issues           13%                27%                      25%                17%               13%


                               Disclosure of personal data           15%           15%                    33%                        21%              13%


                             Identity theft and/or hijacking              21%                 23%                      29%                13%         12%


                           Interrupted business continuity                  27%                     21%                      29%            12%        10%


                                                   Malware          8%                 35%                             33%                    15%       8%

                                                                                                                                                                  No risk
                                Social engineering attacks           15%                 35%                            29%                     12%     6%

                                                                                                                                                                  Slight risk
                Damage to your information infrastructure            15%                          40%                          31%                6%    6%
                                                                                                                                                                  Moderate risk
                           Reduced employee productivity              17%                         37%                          31%               10%        4%
                                                                                                                                                                  Significant risk
                                     Employee defamation                 19%                      29%                   27%                     21%         2%    Critical risk



                                                                0        10       20         30     40     50          60      70        80       90        100

Note: Answer percentages may not add up to 100%, due to rounding.
Base: 52 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility.

Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




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Figure 1.2: The Most Common Social Platforms Are the Primary Sources of Risk

“How risky do you currently consider the following social media channels to your organization?”


                                                 Facebook          10%           25%               30%                       35%


                                                    Twitter        7%            33%                     35%                       25%

            YouTube, Vimeo and other video sharing sites            14%                      43%                       28%              15%

                     Third-party blogs and blog comments
                                                                   9%                  44%                           37%                  10%

                      Company blogs and blog comments
                                                                           31%                       43%                          15%         8%

                                                   Linkedin
                                                                                  44%                          33%                18%          5%
           Ratings and review sites like Amazon, Epinions
                                                                                   47%                         33%                 15%         5%
                                                  Pinterest
                                                                            34%                      38%                           25%         3%
                  Photosharing sites like Flickr and Picasa
                                                                                       57%                       20%               20%         3%
                                                Foursquare
                                                                                                                                                         Not risky
                                                                                       47%                       35%                    15%    3%
         Enterprise or internal social networks like Chatter
                                                                                                                                                         Slight
                                               Google Plus                 33%                           49%                            18%         0%
                                                                                                                                                         Moderate
              Yahoo! Answers, Quora and other Q&A sites                       44%                                43%                      13%       0%   Significant

                                                               0              20              40           60                80                 100

Note: Answer percentages may not add up to 100%, due to rounding.
Base: 41 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility.

Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




Specifically, companies told us that:
           • Platforms with the broadest reach are the largest potential risk. When it comes to assessing the
             top sources of risk, risk managers turn no further than the big three — Facebook, Twitter, and YouTube. Of
             those we surveyed in our 2012 Altimeter Social Media Risk Management Survey, 65% of 41 companies
             told us that Facebook was a moderate or a significant risk, 60% felt the same about Twitter, and 43% felt
             that way about YouTube and other video sharing sites. Of all of the social media platforms, these three
             have the broadest reach, visibility, and adoption among consumers, which all contribute to a higher level
             of risk. But there are additional factors, such as the frequency of change in the platform and the lack of
             control over the platform by a brand. For example, more than one company we interviewed said that the
             frequent privacy policy changes on Facebook left them open to increased risk until the company had a
             chance to assess the policy and adjust accordingly.
           • Lack of control is a significant source of risk. When asked about third-party blogs and blog
             comments, 47% of 41 companies we surveyed in our 2012 Altimeter Social Media Risk Management
             Survey indicated that these platforms are a source of either moderate or significant risk. Third-party blogs
             and blog comments reside outside the span of control of the organization and are places where people
             and groups can freely express their opinion about an organization with few repercussions. In some cases,
             these blogs can have significant followings with key customer constituencies for a brand. A great example
             of this was the Heather Armstrong (@Dooce on Twitter) social media crisis for Whirlpool, where the
             dissatisfied “mommy blogger” turned out to be very influential in the brand’s primary customer space.8




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Putting a Social Risk Management Process in Place

Organizations have limited resources. Without understanding what levels of social media risk exist, it is impossible to
prioritize which risks to position resources against for control and mitigation.
Organizations can choose to shift from being reactive to proactive. The best ways for organizations to become
proactive and reduce the impact of a social media crisis is to have a social media crisis management process in
place. Social media risk management is a process of evaluating tradeoffs, essentially a cost benefit analysis, as you
work from the highest priority risks to the lowest priority risks. We have identified four distinct steps to social media
risk management (see Figure 2).

Figure 2: Risk Management IAME Loop




                                                                       Identify




                                            A     ✓
                                            B     ✓
                                            C     ✓

                                          Evaluate                                                      Assess




                                                                       Mitigate

Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




This process, once established, should become a cycle in which the organization has a systematic effort to
continually evaluate the social media risks it faces and its responses. In more detail, the four steps of social risk
management are:
           • Identify the Risks. The first step is to identify potential risks that can be manifested through social media.
             These can be risks that are created in the social channel, such as a negative campaign by an activist
             organization, or the risk that the social channel will amplify a situation or incident. Almost every company
             we spoke with used a listening platform, such as Radian6 or Crimson Hexagon, as one way to identify
             potential social media risks. But beyond listening, other companies also ran “brainstorming” sessions
             where they looked at recent social media and brand crises and then assessed if and how the same
             scenarios could happen to them.




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• Assess the Risks. In this step, organizations assess, evaluate, and prioritize risks against the likelihood
          that they will happen and the potential impact if they do occur. At a base level this can be a qualitative
          analysis, but at a more advanced level this should be a quantitative analysis. Most of the companies with
          whom we spoke used a very near-term and ad-hoc assessment process; basically, they didn’t begin to
          assess a risk until it was already beginning to manifest and, then, only using a simple qualitative process.
          Other companies in more regulated industries use a more structured risk-assessment process, including
          bucketing the risk, assigning a set of values to each risk and the likelihood of manifestation, and then
          prioritizing those risks based upon the assessment.
        • Manage and Mitigate. In this step, organizations implement mitigation, management, and control
          efforts, beginning with taking an inventory of what current management and control tools are already in
          place. Almost every company we spoke with employed either one or more mitigation strategies, including
          policies, compliance technologies, and employee training. For example, Dell has a robust social media
          training effort that allows employees to become social media advocates for Dell.
        • Monitor and Evaluate. The social media risk landscape is in a constant state of change. For that reason,
          organizations should regularly review and evaluate their current social media risk control efforts, update the
          inventory of social media risks, and put new mitigation and control processes in place.
Step 1: Identify the Risks.
The first step in social media risk management is identifying which of the categories of risks your organization faces.
Eddie Schwartz from RSA, the security division for EMC, put it very succinctly: “You can’t use ‘chase and respond’ as
your approach to social media risk management. It all has to be about going out and finding where your weaknesses
are, what threats exist, and who your adversaries are — all proactively.”
Understanding how social media risks can be categorized can help to more effectively assess, manage, and respond
to these risks. We have broken them down into four general buckets based upon how, if perpetuated, they affect the
organization. These four buckets are:
        • Organization reputation. Damage to brand reputation can cause a loss of trust or credibility that can
          result in either potential or real financial loss. For example, the tweet by online clothing boutique www.
          CelebBoutique.com, “#Aurora is trending, clearly about our Kim K inspired #Aurora Dress” not long after
          the deadly movie theater shooting in Aurora, Colorado, will likely result in lost sales to the company.
        • Regulatory and compliance violations. Regulatory and compliance risks are those risks that, if an
          organization posted on a social media channel, it could be in violation of a government regulation that
          could result in financial and/or other penalties. For example, the Federal Drug Administration (FDA)
          admonished Novartis for its use of the share widget on its Facebook page promoting the drug Tasigna,
          which is a violation of FDA advertising guidelines.9
        • Legal and privacy. Legal and privacy risks are the result of an organization failing to take an action —
          such as effectively safeguarding personal information — that could cause harm to another party. Often,
          employee- and human resources-based risks or privacy issues, such as releasing confidential personal
          information, fall into this bucket. For example, when Dr. Alexandra Thran posted on Facebook about
          the patients she was seeing during her clinical training, but didn’t post their names or other identifying
          information, she thought she was fine. But then, a third party was able to figure out who one of the
          patients was based upon the injuries she posted about it, and Dr. Thran was fired for violating patient
          confidentiality.10




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• Operational. Operational risks are those risks that could compromise the overall operations and security
          of an organization. Operational risks can be further broken down into five sub-categories: 1) reduced
          employee productivity, 2) release of confidential company information or IP, 3) the introduction of malware
          into an IT system via a link on a social platform, 4) direct attack toward employees and principals, such
          as a social engineering effort, and 5) business continuity on primary digital business channels, such as an
          e-commerce platform.
No risk falls into a single category, as every incident that manifests takes on unique characteristics that cause it to
cross categorization boundaries. For example, an accidental release of private customer information by a financial
services firm would start as an operational risk and then move to a regulatory risk when the incident is reported to the
appropriate regulatory agency. It then becomes an organization reputation risk when the data loss becomes public,
and lastly it evolves into a legal risk if one of the customers whose data was compromised decides to sue.
Social media threat identification is a continuous and ongoing process that is unique to each organization. That
being said, the more advanced organizations we spoke to took a two-tiered approach that had both continuous and
incremental reviews, with continuous reviews happening on a weekly to monthly basis and deeper and more intense
reviews happening on a quarterly to annual basis. To identify potential social media risks, more advanced companies
use a combination of the following activities.
        1.	Review historical activities. As one company pointed out, social media risks, like other risks, tend to
           follow patterns. One way then to identify social media risks is to examine how the company has suffered
           an adverse impact previously in both traditional and social channels.
        2.	Scrutinize what they are hearing through listening. Many companies look for new risks popping up
           across their listening platforms on a continuous basis and classify those risks as either immediate or long-
           term. Immediate risks are pushed into a crisis management process, and the lower level, long-term risks
           are moved back into the risk-assessment process.
        3.	Learn from others. There are social media crises and incidents happening all of the time, and each
           of these events are great learning opportunities for companies. One company we spoke with has a multi-
           disciplinary team that does a weekly analysis of the news, looking for case studies and newly identified
           risks that are then put into their risk-assessment process.
        4.	Create a social media risk library. Several of the companies we spoke to are creating or have
           created a library or list of potential risks — similar to what Intel created in the Intel Threat Agent Library —
           and adding to these as they are identified.11
        5.	Review new activity risks. Every time a team or a division of a company wants to start a new
           social media activity, these activities should be reviewed for exposure to new risks. For example, when the
           customer service team of a large financial services firm wanted to launch a new customer service effort via
           social channels, the activity was closely examined for potential risks.
        6.	Examine shifting platform risks. Lastly, platforms are constantly changing, and companies that
           essentially “rent space on these public platforms,” as one company put it, need to review those changes
           for potential risks. The firms we interviewed mentioned some of the more common platform changes that
           shifted their risk exposure, including changes in privacy policies, changes in data retention policies, and
           changes in the actual functionality of the platform itself (such as when Facebook introduced Timeline).




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Step 2: Assess the Risks.
Many companies don’t know what level of social media risk they’re taking on, because they don’t regularly assess
and quantify their social media risk. We found that 56% of 39 companies we surveyed in our 2012 Altimeter Social
Media Risk Management Survey regularly assess their social media risk (see Figure 3). In our interviews, companies
expressed numerous reasons for not regularly assessing their social media risk, but the most common reasons were
a lack of resources to be able to accomplish the task.

Figure 3: Half of Companies Assess Their Risk

“Does your company currently assess its social media risk?”




                                                                           56.4%


                                                                                                                                   Do not know
                                                                                                                                   No
                                                                                                                                   Yes

                                                               33.3%                      10.3%




Base: 39 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility.

Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




The Components of a Social Media Risk-Assessment Process
A social media risk assessment is a structured process for the objective evaluation and determination of the level
of risk or exposure an organization faces specific to an identified threat or potential occurrence. Social media risk
is composed of two primary components of likelihood and impact, and both of these components need to be
examined within the context of an analytical methodology to be able to effectively assess the severity of a potential
event (see Figure 4).




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Figure 4: The Likelihood and Impact Components for Assessing Social Media Risk

        Component                                                           Subcomponent

 Likelihood. Likelihood              Catalyst. Catalyst determines if there is a catalyst for action by the people or
 is the first component              groups who would perpetuate the risk. It asks: Is there something that would cause
 of social media risk                people to act? Some social media risks have a definite catalyst for action, such
 and is the probability              as a product recall or a major news story. Other social media risks, such as the
 of occurrence that                  introduction of malware or reduced employee productivity, have much smaller and
 something will happen.              less well-defined catalysts. For example, a pro-environmental consumer might be
                                     motivated to sign petitions and write emails, but won’t join a social media campaign
                                     against a large company until there is a catalyst for action.

                                     Opportunity. Opportunity asks: What is the breadth and depth of the opportunity
                                     of the channel? First, opportunity examines the accessibility of the channel — is this
                                     a public platform like Facebook, or is it walled off like an Enterprise Social Network?
                                     Second, social media is social, and one of the key aspects of social is the ability for
                                     something to go viral. Opportunity also examines what is the opportunity for this risk
                                     to perpetuate an increasing audience size.

                                     Motive. Motive looks at what is the underlying motivation for an actor. For example,
                                     a consumer who just wants to get their dishwasher fixed and feels like customer
                                     service won’t listen to them is much different than an employee who accidently
                                     releases confidential information.

 Impact. Impact is the               Reputation. Reputation often means revenue, so this component looks at what
 second component of                 would be the estimated impact due to the loss of reputation, primarily measured
 social media risk and               as the loss of current and future customers or sales. This could be reflected in loss
 refers to the expected              of social media fans, significant shift in web traffic, a lower Net Promoter Score, or
 effect or consequences              other measures.
 (often negative) of an
 event or occurrence.                Availability. Availability looks at what would be the impact on the ability of the
 Impact is commonly                  organization to service customers. For example, if social channels are your primary
 portrayed in the                    marketing channels, a lot of negative noise on that channel would lessen your
 common denominator if               marketing ability. Another example is a social customer service channel being
 financial loss.                     inundated with negative comments instead of real customer service requests. This
                                     could make that channel unavailable to real customers.

                                     Legal/compliance. Legal, regulatory, and compliance risk is often a much more
                                     real and more tangible impact then many others, not just because of the potential
                                     financial damages, but because of the additional penalties and complications
                                     regulatory agencies and lawsuits can impose on a firm. For example, Lalit Modi,
                                     Chairman and Commissioner of professional cricket league Indian Premier League,
                                     had to pay more than $1.5 million in fines and legal fees after accusing another
                                     cricket player of match fixing on Twitter.

Source: “Guarding the Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




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The basic social media risk-assessment methodology used by some of the firms we spoke to is similar to many other
risk-assessment methodologies. It focuses on understanding and estimating the likelihood of a threat event and the
impact if the event occurs. From there, risks can be rated and resources applied against them to reduce likelihood
and manage impact. The four steps are:
        1.	Rate the likelihood that an individual event could happen. The first component of this step is to rate
           what is the likelihood that an identified event will happen, with the scoring often based on experience. For
           some companies, this will be as simple as ranking each one either as a low, medium, or high likelihood. A
           more complex approach would be applying a quantitative rating based on a number of factors, such as a
           new product launch, recent attention in the news, or a targeting by an activist organization. For example,
           an organization may rate the likelihood of a brand reputation risk as a twice-a-month occurrence, but a
           legal risk may evolve rarely, once every two years.
        2.	Rate the potential impact to the organization if it were to happen. Again, based upon experience
           and an understanding of the organization and the market, determine what could happen. Be clear what
           the potential brand, market, financial, and customer impacts of the event could be. This could be as
           simple as ranking each potential event either as a low, medium, or high impact to as complex as applying
           a quantitative rating based on a number of factors of what the impact could be.
        3.	Rank the risks. Next, based upon the likelihood and potential impact of an event, rank the identified
           risk events. The most common approach is to place the scores on a matrix, with likelihood on the x-axis
           and impact on the y-axis according to scale or score, as in the example figure below (see Figure 5). For
           example, if Event A has a likelihood of High but only an impact of Low, it would be addressed under the
           moderate risk group. If two events are in the same risk group, the event with the higher likelihood should
           get ranked above the event with the higher impact. For example, if one event has a low likelihood and a
           severe impact, compared to an event with a high likelihood and a medium impact, the second event would
           get prioritized higher.
        4.	Prioritize efforts and resources to manage and mitigate risk. Based upon the ranking of the
           potential risk events, organizations should prioritize resources to either reduce the likelihood of the highest
           prioritized risk through implementation of additional controls and mitigation efforts or minimize the negative
           impact of such incidences.




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Figure 5: Example of a Social Media Risk Matrix


                 Severe
    Likelihood




                  High


                   Med                                                                                                            Severe Risk

                                                                                                                                  High Risk

                                                                                                                                  Moderate Risk
                   Low
                                                                                                                                  Low Risk

                                Low                        Med                    High                          Severe

                                                                      Impact

Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




Step 3: Manage and Mitigate.
Once you have identified and assessed the risk, what are you going to do about it? Companies can manage and
mitigate the risk through six steps:
                 1.	Create a decision framework.
                 2.	Put the right governance in place.
                 3.	Staff with dedicated resources.
                 4.	Protect the company and the employee with a set of policies.
                 5.	Train employees on what the boundaries are.
                 6.	Deploy appropriate tools.
1) Create a Decision Framework.
The first step is to use a risk control decision tree to systematically and thoroughly evaluate the controls against the
risks based upon first reducing likelihood and then reducing the impact (see Figure 6). Reducing likelihood focuses
on determining whether or not the risk can be directly controlled in the first place and then whether or not the factors
that affect and perpetuate that risk can be mitigated. In contrast, reducing impact focuses on exactly that — making
sure that the appropriate crisis control process is in place to minimize negative effects.




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Figure 6: Example Process for Managing and Mitigating Risk

                              What is the
                             likelihood of
                               the risk?
       Reduce Likelihood



                                                                                                                               N
                             Can the risk      Y                         Y
                                                      Should the risk             Implement                    Monitor        Are they
                              be directly             be controlled?            direct controls                              effective?
                             controlled?
                                      N
                            What factors                       N
                           affect the risk?                                                                              Y

                                               Y        Should the       Y
                           Can the factors                                        Implement                                   Are they
                                                        factors be                                             Monitor                        N
                           be controlled?                                       factor controls                              effective?
                                                        controlled?
                                      N

                            What are the                       N                                                         Y
                             potential
       Reduce Impact




                             impacts?


                              Can these        Y        Should the       Y        Implement                                   Are they
                             impacts be                 impacts be                                             Monitor                        N
                                                                                impact controls                              effective?
                              reduced?                  controlled?
                                      N
                            Create crisis                      N
                            plan to cover                                                                                Y


Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




2) Put the Right Governance in Place.
The second component to good social media risk management is having the right roles and processes in place. In
most organizations, but not all, the social media team is responsible for managing social media risk. We found that in
approximately 50% of organizations we spoke with, the social media team is primarily responsible when it comes to
social media risk management (see Figure 7).




                                                             Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 13
Figure 7: Social Media Team is Frequently Tasked with Social Risk Management

“Which part(s) of the organization have a role in managing social media risk?”

                                  Social media team                                                          42.1%

                       Corporate communications                                18.4%

                                            Marketing                  13.2%

                                                  Legal          7.9%

                                      Public relations           7.9%

                                   Human resources                2.6%

                                Information security              2.6%

                                  Risk management                 2.6%

                                    Digital marketing             2.6%

                                                             0            10           20            30           40               50


Base: 39 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility.

Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




Even though the social media team is often the primary governance lead responsible for social media risk
management, it shouldn’t be the only department involved. One vendor we spoke with said that it has clients where
social media risk management rolls up into legal, because of archiving and e-discovery issues, and from there up
to the CFO. There are a number of possible configurations, because social media and social media risk affects a
broad swath of any organization. From internal employee issues, such as training and monitoring handled by HR, to
technology-based security issues handled by IT, a number of different groups and departments may have expertise
that would assist in managing social media risk. One company we spoke with put it this way, saying, “HR, legal, and
IT play the role of providing primary guidance on the infrastructure of what is needed behind all social programs.”
Though every organization is different, Altimeter Group has identified six key organizational components that should
to be involved in social media risk management (see Figure 8).




                                                                 Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 14
Figure 8: Six Key Organizational Components in Social Media Risk Management

      Organizational                                                                Role
       Component

  Marketing                          The marketing department is the department most often in charge of social media
                                     efforts, and, as such, plays a key role in overseeing the organizational social media
                                     brand presence. In most organizations, it is also responsible for social media risk
                                     management.

  Human Resources                    Human resources is critical to social media risk management, because it is often the
                                     group responsible for managing and monitoring the employee use of social media.




  Legal and Compliance               Legal is generally responsible for laying down legal guidance on the appropriate use
                                     of social media. In regulated industries, compliance ensures that social media efforts
                                     are in compliance with the policies of the oversight agency.


  IT and IS                          IT and IS are responsible for internally hosted platforms, information security, and
                                     data loss prevention.




  Communications and                 Communications and PR are often responsible for organizational branding and crisis
  PR                                 communications in the event of a crisis.




  Security and Risk                  Security and risk management are more traditional roles that are just beginning
  Management                         to get involved in social media risk management because of the role that social
                                     media plays in traditional physical and perimeter security (such as through social
                                     engineering).

Source: “Guarding the Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)


For example, one organization we spoke with has quarterly governance meetings of an established group that
include representatives from marketing, corporate communications, legal, IT, and HR. Other organizations are more
ad hoc in their approach. For example, one company had no specific structure for social media risk governance, but
held weekly meetings between the social strategist and a representative from legal to ensure that what they were
doing was within the policy bounds of the company.
3) Staff with Dedicated Resources.
Another key aspect is the amount of organizational resources that the company is willing to dedicate to the issue
of social media risk management. Most companies have one to three employees who, as a part of their job duties,
support the organization in addressing social media risk. In our 2012 Altimeter Social Media Risk Management
Survey, 43% of 39 companies we surveyed dedicate less than one FTE to social media risk management; and 31%
had between one and five FTEs.




                                                         Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 15
Some companies are taking social media risk more seriously and are staffing up. For example, both DuPont and
Intel have one to two FTEs, including at least one person in a full-time social media risk management role identifying,
assessing, and managing social media risk, in addition to other employees who support the social media risk
management effort part-time.
To determine what resources are needed, emulate the steps that companies with more mature social media risk
management processes have taken:
        1.	Identify the need for a resource for social media risk management based on the risk-assessment process
           outlined above.
        2.	Determine how much time is needed to manage the process based upon the risk assessment and current
           resourcing levels.
        3.	Determine what skill sets and technologies are necessary and what can be “outsourced” both within and
           outside the organization.
        4.	Hire, promote, or shift people to put the resource in place.
4) Protect the Company and Employee with a Set of Policies.
The fourth component to good social media risk management is having the right “fence lines” or policies in place.12
Traditionally, social media policies, from a social risk-management perspective, primarily focused on one thing —
minimizing the risk to the organization. But like many other things, minimizing that risk has a tradeoff. If organizations
try to minimize the risk too much, they do so at the expense of the primary purpose of social media — being social.
Policies need to define what should not be done, and then, when you do engage, how to do so in a way that
minimizes risk.
When it comes to existing social media policies at companies, the most common type of policy is a privacy policy
(see Figure 9.1), with 59% of 34 companies we surveyed in our 2012 Altimeter Social Media Risk Management
Survey reporting that they had a privacy policy in place. These privacy policies commonly build on the digital privacy
policies that were put in place for interactions through websites and email. Other social media policies that most
companies have include an employee policy on the personal use of social media (56%); disclosure, confidentiality,
and ethics policies (53%); and a corporate policy on the corporate use of social media (50%).
When a company does have a social media policy, we found that most of these policies are updated less than
annually (see Figure 9.2). A best practice exposed by some of the companies that we spoke to is that a social media
policy should be reviewed and updated twice a year to match the pace of technology change.




                                                  Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 16
Figure 9.1: Privacy Policy is the Most Common Social Media Policy

“Which of the following social media policies or other policies that either include social media or are
referenced back to in social media policies does your company currently have?”

                                                                      Privacy policy                                      58.8%

                           Employee policy on personal use of social media                                               55.9%

                              Disclosure, confidentiality, and ethics policies                                       52.9%

              Corporate policy on official corporate uses of social media                                            50%

               Community policy for customers, partners, and prospects                                     38.2%

           Channel specific (ex. Twitter, LinkedIn, and YouTube) policies                              32.4%

                                                               Commenting policy                     29.4%

We currently don’t have a separate policy that applies to social media                           8.8%

                                             Other types of social media policy              2.9%

                                                                                         0            20            40             60   80   100

Base: 34 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility.

Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




Figure 9.2: Social Media Policies Are Not Updated Frequently

“How often are these policies updated?”



                               Less than annually                                                       52.9%




                                            Annually                                      32.4%




                                           Quarterly           11.8%




                                            Monthly           2.9%



                                                        0            10            20           30            40           50


Base: 34 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility.

Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




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Though there are multiple types of social media policies, most policies fit into three categories (see Figure 9.3).
These categories can and should overlap in their application. A good social media policy is a balance point between
minimizing risk to the organization and shared responsibility between the organization and others.
Figure 9.3: Three Primary Social Media Policy Categories

          Category                         Explanation                                  Example Policy Types
 Participation                       Social media participation          Privacy: Determine how the organization will use the
                                     policies outline at a               information it gathers as it participates.
                                     tactical level how people
                                     and groups participate
                                     (or don’t participate) in
                                     both formal and informal            Employee participation: Document which
                                     communities.                        employees are allowed to participate in social media
                                                                         on behalf of the organization and what they should
                                                                         and shouldn’t do.

                                                                         Community: Detail the common objectives of a
                                                                         formal community, who is allowed to participate
                                                                         in a formal community, and the boundaries for
                                                                         participation within that community.

 Ethics                              Ethics policies cover at a          Disclosure: Outline what information is okay to
                                     strategic level what is right       release, what isn’t, and under what circumstances.
                                     and wrong behavior in
                                     social media.

                                                                         Code of conduct: Document what is the appropriate
                                                                         desired behavior of both employees and customers,
                                                                         both personally and professionally.


 Operational                         Operational policies cover          Organizational purposes for social media: This
                                     the risk and execution of           policy outlines the strategic purposes of why an
                                     the aspects beyond social           organization chooses to participate in social media
                                     media.                              and what employees, customers, and partners can
                                                                         expect from the organization.

                                                                         Information security: Outline the different security
                                                                         precautions to take with social media.



Source: “Guarding the Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




                                                        Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 18
5) Train Employees on What the Boundaries Are.
If you have social media risk governance established, have the right kinds of policies and covenants in place, and have
a process for updating them on a regular or as-needed basis, the next step is making sure employees and executives
are appropriately and regularly trained. Altimeter Group found that approximately 60% of 35 companies we surveyed in
our 2012 Altimeter Social Media Risk Management Survey never train employees about social media or only when they
are hired (see Figure 10). Given the constant state of change of social media and the risk that social media has for the
organization, employees should be given annual training on organizational social media policies and processes. This can
be integrated into existing training on privacy or compliance training or a course with a dedicated focus.

Figure 10: Training on Social Media Policies is Lacking

“How often are employees trained on the social media policies commonly?”



                         Only when they are hired                                                                  40.0%




                         When they are hired and
                                                                                                               37.1%
                       then at least once annually




                       They are never fully trained                                     22.9%
                         on social media policies



                                                          0        5      10       15      20       25      30       35      40

Base: 35 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility.

Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)




6) Deploy Appropriate Tools.
Last but not least, having the right technologies in place to support and scale social media risk management is
essential. The bad news: There aren’t a lot of technology tools that are currently designed and dedicated for social
media risk management. Most tools used in social media risk management are multi-purpose tools or tools that have
been appropriated from other purposes. There are three general tool categories in this fledgling space: 1) monitoring
and listening tools, 2) social media management systems, and 3) social media compliance systems (see Figure 11).




                                                                    Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 19
Figure 11: Key Social Media Risk Management Tool Categories

          Category                                            Overview                                               Tools

 Monitoring and                      Social media monitoring and listening platforms are                 Options range from simple
 Listening                           the same tools that organizations use to listen to what             tools, like Google alerts and
                                     their customers are saying in the social space. In                  Facebook searches, to more
                                     social risk management, they are also used for nearly               advanced listening tools,
                                     the same purpose, turned toward listening for risk-                 like Salesforce Radian6 and
                                     indicating statements from customers and leakage of                 Crimson Hexagon, to full-on
                                     internal information by partners and employees.                     analytics packages, like SAS.

 Social Media                        Social media management tools are tools that                        This category includes
 Management                          organizations use to organize, manage, and                          a broad set of tools
                                     automate their social media workflow, including                     and technologies, like
                                     publishing. From a social media risk management                     Actiance, Awareness,
                                     perspective, some of these same tools can also                      Expion, Hearsay Social,
                                     be used to manage and control what information                      Inc., Hootsuite, Social
                                     is released by the organization. For example, some                  iQ Networks, Sprinklr,
                                     tools can scan outgoing corporate social messaging                  SproutSocial, Syncapse,
                                     and flag inappropriate content or content in violation              and others.
                                     of corporate guidelines. This would be especially
                                     important for companies operating in a highly
                                     regulated environment.

 Social Media                        Social media compliance tools are functionalities                   This category of tools
 Compliance                          and tools that assist organizations in complying with               includes Actiance, Jive,
                                     either internal policies and/or external regulatory                 Kronovia, Smarsh, Social
                                     requirements. These tools enable activities such as                 iQ Networks, SocialLogix,
                                     archiving of social media activity, auditing social media           Socialware, and others.
                                     activity, and monitoring employee social activity.

Source: “Guarding the Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012)


Step 4: Monitor and Evaluate.
Social media is and will remain a dynamic, constantly shifting space for the foreseeable future. So the risk
identification, assessment, and mitigation efforts you did last week, last month, and last year won’t be entirely
applicable to the risks you face today or tomorrow. Your social media risk management efforts will need to continue
to evolve against the changing threats. To do that, focus on continuously monitoring and assessing evolving threats
and evaluating the mitigation and control efforts against the threats.
Risk assessments and mitigation efforts should be reviewed on a regular (every six months to annually) basis to
ensure that there continues to be coordination between assessments and mitigation efforts. For example, one
company we spoke to runs a monthly session that looks at current risks, emerging risks, and the effectiveness of
mitigation and control efforts.




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In addition to these regular reviews, risk assessments and mitigation strategies should be reviewed or updated under the
following circumstances:
        • Entering a new channel. Whenever an organization is making the determination to enter a new social
          channel or platform, a risk assessment should be done along with an examination of the ability of current
          mitigation and control mechanisms to handle any additional risks identified in this new channel. For example,
          a financial services firm we spoke to did an extensive social media risk assessment before launching a social
          media-based customer service channel.
        • Solid emergence of a new technology. Whenever a new technology begins to solidly emerge with broad
          adoption, an evaluation should be done to ensure that the risk assessment is up to date and that the mitigation
          and control efforts cover this new technology. For example, one company we spoke to said that once a social
          media platform reaches 50 million potential customers, such as Google+ did, it begins to include it in its risk
          assessment. Even if the company is not planning on embracing a new technology, what should drive the risk
          assessment is the channel or platform adoption (either actual or potential) by the organization’s customers.
        • Identification of a new threat. If a new threat emerges, then the risk assessment needs to be checked
          against the new threat to ensure that the appropriate control and mitigation strategies are in place.




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Next Actions: Get Your Organization’s Head Out of the Sand

Good social media risk management practices are your insurance that you will be prepared to address, mitigate, and
manage social media risks to keep them from turning into social media crises. To ensure the odds of success of your
nascent risk management process, do the following:
        • Make social media risk a board issue. The primary reason that there is a continuing growth in social
          media crises and social media contributing to other crises is because most company leaders don’t
          perceive social media as a risk, in much the same way that most executives and boards didn’t perceive
          the internet as a risk until the first malware showed up. Be proactive in making social media risk a board-
          level issue, given its potential to significantly impact the value of the company. For example, IBM makes
          social media risk a board-level issue.14
          While some of the day-to-day tasks can be delegated down, executives need to be involved in the
          decision-making and oversight. Build awareness of this responsibility by educating key leaders (up to and
          including board of directors) that social media has both an upside and a downside and that they need to
          be aware of — and engaged in — understanding both.
        • Learn from past crises. Whether it is within your organization or another, there is a new social media crisis
          every week, and these crises often provide great potential case studies on what to do and what not to do
          when it comes to social media risk management. Pick a crisis, do some background research to better
          learn what led up to that crisis and how the organization responded, and then war-game out the crisis as if it
          happened to your organization. Begin by asking: How would your organization have responded differently?
          How would your organization have responded the same? What processes, tools, and policies would have
          helped? And if this would have happened anyway, how could you minimize the impact?
        • Review your own responses. Most organizations we interviewed said that they faced one or two
          significant social media crises on an annual basis. These events provided a great learning laboratory after
          they were over. After dealing with a potential or actual social media crisis event, run post-mortem reviews
          by asking and answering the following questions:
                 • What actually happened?
                 • What were the primary factors leading up to the event?
                 • Which of those factors could we influence?
                 • Which of those factors could we control?
                 • Was this event predictable? If so, did we predict it? If we didn’t predict it, why not?
                 • What worked in mitigating the risk? What didn’t?
                 • What do we need to change now?
        • Test through scenario exercises. The only way to know if the social media risk management effort your
          organization has put in place will work is to test it. One of the best ways to test it is by running scenario
          exercises or war-gaming different risk scenarios. These should be done on a regular basis (every quarter
          to an annual basis) and involve different levels and departments around the organization. For example,
          a basic exercise may involve the ability of the listening team to find and recognize different risks. A more
          complicated and extensive exercise would involve running the whole social media management effort all
          the way up to the CEO through a multi-faceted social media risk management and crisis exercise.




                                                Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 22
Ecosystem Input
This report includes input from market influencers and solutions vendors who were interviewed or briefed by Altimeter Group during the course of
this research. Input into this document does not represent a complete endorsement of the report by the companies listed below.

Brands (17)
AAA, Kim Snedaker, Social Media Strategist AAA Club Partners
Cisco, Lasandra Brill, Senior Manager Global Social Media
Dell, Liz Bullock, Director Social Media & Community
Dell, Ryan M. Garcia, Legal Director Social Media
Dell, Richard Margetic, Director Global Social Media
DuPont, Heather Read, Social Media Issues & Crisis
DuPont, Gary Spangler, Corporate eMarketing Manager at DuPont
IBM, Gadi Ben-Yehuda, Social Media Director for The Center for the Business of Government
Intel, Rick Reed, Issue & Crisis Manager
Red Cross of America, Wendy Harman, Social Media Director
The Weather Channel, Renee Willet, Manager Social Media Marketing
Toyota, Florence Drakton, Social Media Manager
Toyota, Kimberley Gardiner, National Digital Marketing & Social Media Manager
WellPoint, Jonathan Blank, Manager of Social Media
Wells Fargo, Ed Terpening, Vice President Social Media
Note: Two brands are not listed for confidentiality reasons.

Professional Services and Agencies (12)
247 Laundry Service, Jason Stein, Founder & President
Big Fuel, Michoel Ogince, Director, Platform and Product Strategy
C7group, Jeff Marmins, CEO and Founder
Edelman, Michael Brito, SVP Social Business
Grant Thornton LLP, Lucino Sotelo, Head of Digital Marketing
Grant Thornton LLP, Jan Hertzberg, Managing Director Business Advisory Services
Hill+Knowlton Strategies, Andrew Bleeker, Worldwide Director of Digital
Ketchum, Jonathan Kopp, Partner and Global Director
KPMG, Sanjaya Krishna, Digital Risk Consulting Leader
KPMG, H. John Hair, Director KPMG Advisory Services
PricewaterhouseCoopers LLP, Jack Teuber, Managing Director Online Marketing
Weber Shandwick, David Krejci, Executive Vice President Social Media and Digital Communications

Vendors (13)
Actiance
Crimson Hexagon
Hearsay Social, Inc.
Kronovia
rPost
RSA (EMC)
Salesforce Radian6
SAS
Secure.me
Smarsh
Social iQ Networks
SocialLogix
Socialware

Acknowledgements
With thanks for support from: Regina Denman, Asha Hossain, Cheryl Knight, Christine Tran, and Alec Wagner.




                                                          Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 23
End Notes
1
  A
   research survey by InSites Consulting of more than 1,200 global company managers, found that eight out of ten American companies
  are present on Facebook, 45% have a twitter account, 48% are on LinkedIn, and 31% are on YouTube. Please see “Survey Shows 80% of
  Companies Use Facebook,” Vending Market Watch, June 20, 2012; www.vendingmarketwatch.com/news/10732362/survey-shows-80-percent-
  of-companies-use-facebook. Retrieved on June 22, 2012.
2
  A
   ccording to the IBM 2012 Global CEO Study of 1,709 CEOs interviewed, 16% of their companies use social platforms to engage with their
  customers, with that number expected to jump to 57% within a period of three to five years. Please see Leading Through Connection: 2012
  Global Chief Executive Study, IBM Institute for Business Value; www.ibm.com/ceostudy2012/. Retrieved June 22, 2012.
3
  W
   ith most organizations, the primary social risk is not participating in the social space. Even the most heavily regulated and conservative
  organizations have come to understand that whether or not they choose to participate, there are already conversations taking place about the
  organization and that it is better to be a part of those conversations then not.
4
  O
   ther areas pose just as great a risk, but they are more relevant to certain industries, platform adoption, or customer base. For example, one
  company that does a lot of government and financial services work reported that a deep investigation of the background of a person who was
  trying to connect with all of the key members of a project via LinkedIn actually had multiple different personas and had originated from an Asian
  country. Essentially, they were using a social channel for social engineering to attempt to penetrate the company.
5
  I
  t is unusual to see executives make social media mistakes, but it can happen. Please see “Facebook and Twitter Postings Cost CFO His Job,”
  The Wall Street Journal, May 15, 2012; http://online.wsj.com/article/SB10001424052702303505504577404542168061590.html. Retrieved July
  23, 2012.
6
  A
   llergy Pathways was sued by the Australian Competition  Consumer Commission after fans posted misleading positive comments about
  its products online on Facebook, Twitter, and other social channels. Even though Allergy Pathways didn’t write the posts, since it should have
  known they were misleading and instead left them up on the sites, according to the court, it then became the publisher and was responsible. See
  the findings from the ACC at www.accc.gov.au/content/index.phtml/itemId/972417/fromItemId/142.
7
  B
   rands being attacked and hijacked by activist organizations, like Greenpeace and others, is becoming more common. Please see Asher Moses
  article “Shell Social Media Oil Spill a ‘Coordinated Online Assassination’” in the Sydney Morning Herald, July 19, 2012; www.smh.com.au/
  technology/technology-news/shell-social-media-oil-spill-a-coordinated-online-assassination-20120719-22bpe.html. Retrieved July 26, 2012.
8
  I
  n 2009, Mommy Blogger Heather Armstrong (aka Dooce) called Whirlpool customer service over Whirlpool’s inability to fix her almost-new
  Maytag (a subsidiary of Whirlpool) washing machine. When she wasn’t able to get what she felt was an appropriate and helpful response from
  the rep or their supervisor, she resorted to what amounts to a veiled threat — asking the customer service rep if Whirlpool knew what Twitter was
  and that she had over a million followers. Whirlpool’s response? Essentially, “So what?” And, with that, Whirlpool missed an opportunity to identify
  and respond to a potential risk to its brand that could have been alleviated through good customer service.
9
  T
   he issue with the share widget was that it didn’t give consumers full information, only sharing the positive aspects about the drug and not the
  associated risks. Please see Mike Masnick’s article “FDA Tells Novartis That ‘Facebook Sharing’ Widget on its Site Violates Drug Ad Rules,”
  TechDirt, August 10, 2010; www.techdirt.com/articles/20100806/15182710535.shtml. Retrieved July 24, 2012.
10
    D
     r. Tran’s transgression was not necessarily in that she was posting about her experiences on Facebook, but that she was giving away enough
    information that patients could be identified. See www.msnbc.msn.com/id/42652527/ns/technology_and_science-security/t/doctor-busted-
    patient-info-spill-facebook/#.UBQatDGe7Sw.
11
    T
     he Intel Threat Agent Library is a compilation of threat agent personas that Intel and other companies can then defend against. According
    to the Intel site, Intel IT Threat Assessment Group developed to drive a standardized reference to human threat agents that pose threats to IT
    systems and other information assets. See the site and the library at http://communities.intel.com/docs/DOC-1151.
12
    A
     ltimeter Group Founder Charlene Li lays out the different types of social media policies, the importance of accountability, and more in her book
    Open Leadership. Please see Charlene Li, Open Leadership, Jossey Bass, 2010.
13
    F
     or a deeper look at different social media management systems and how to manage proliferation of platforms, see Jeremiah Owyang’s A
    Strategy for Managing Social Media Proliferation, January 5, 2012. www.slideshare.net/jeremiah_owyang/smms-report-010412finaldraft
14
    I
    BM CMO Jon Iwata shared that social media risks are regularly reviewed at IBM board meetings, at the IBM CMO CIO Leadership Exchange
    2012, June 6, 2012.




                                                          Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 24
Open Research
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                                              Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 25
About Us

                 Alan Webber, Altimeter Partner, Analyst
                 Alan Webber (@alanwebber) is an Industry Analyst and currently the Managing Partner at Altimeter Group.
                 Alan’s research and client efforts focus on the understanding and thriving through disruptions at intersection of
                 organization, culture, and technology. Alan publishes some his findings on his professional blog
                 www.RoninResearch.org. Prior to Altimeter, he was a Principal Analyst at Forrester Research where he covered
                 the B2B online user experience, digital engagement, and disruptive technologies in government.

                 Charlene Li, Altimeter Founder and Partner, Analyst
                 Charlene Li (@charleneli) is Founder of the Altimeter Group and the author of the New York Times
                 bestseller, Open Leadership. She is also the coauthor of the critically acclaimed, bestselling book
                 Groundswell, which was named one of the best business books in 2008. She is one of the foremost
                 experts on social media and technologies and a consultant and independent thought leader on leadership,
                 strategy, social technologies, interactive media, and marketing.

                 Jaimy Szymanski, Researcher
                 Jaimy Szymanski (@jaimy_marie) is a Researcher with Altimeter Group where she researches and analyzes
                 how organizations can effectively utilize social media and other disruptive technologies to achieve business
                 advantage. She has experience working in business consulting, content marketing, and social media
                 research and advisory roles.




  Altimeter Group is a research-based advisory firm that helps companies and industries leverage disruption to
  their advantage.

  Contact Us                                                        Advisory Opportunities
  Altimeter Group                                                   Email: sales@altimetergroup.com
  1875 S. Grant Street, Suite 680
  San Mateo, CA 94402-2667
  info@altimetergroup.com
  www.altimetergroup.com


                                              Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 26

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[Report] Guarding the Social Gates: The Imperative for Social Media Risk Management, by Alan Webber

  • 1. Guarding the Social Gates: The Imperative for Social Media Risk Management August 9, 2012 By Alan Webber With Charlene Li and Jaimy Szymanski Includes input from 42 ecosystem contributors
  • 2. Executive Summary Social media is the modern Pandora’s box: It has had a meteoric rise as a tool to interact and engage with customers, but also a dark underside exposing companies to new types of risk. Almost two-thirds of companies surveyed say that social media is a significant or critical risk to their brand reputation; yet 60% of companies either never train their employees about their corporate social media policies or do so only upon hiring. Moreover, 43% of companies have less than one Full-Time Equivalent (FTE) dedicated to managing social media risk. To safeguard brand reputation, protect information and intellectual property, and mitigate legal actions, organizations need to be more proactive about managing social media risk. To set up an effective social media risk management process, organizations need to focus on: 1) identifying social media risks; 2) assessing and prioritizing those risks against limited resources; 3) mitigating and managing those risks to reduce the impact on the organization; and 4) evaluating emerging risk against mitigation efforts. Methodology For this report, Altimeter Group conducted both quantitative and qualitative studies using a combination of an online survey, qualitative interviews, and an analysis of publicly available information. Specifics include: • This year we launched the 2012 Altimeter Social Media Risk Management Survey, an annually updated online survey and organizational assessment on management of social media risks. For 2012, we surveyed 92 professionals from various industries and backgrounds who, in their current professional roles, said that social media risk management was their primary job function or a significant part of their professional responsibilities. • Qualitative interviews with 36 companies. Roles interviewed included: social media managers, compliance officers, lawyers, Chief Security Officers (CSO), social media risk managers, and senior executives of vendors, agencies, and end users. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 1
  • 3. Table of Contents Social Media Often Has Unrecognized Risks..................................................................................................................................3 Defining the Types of Social Media Risk.....................................................................................................................................................3 The Most Popular Platforms Are Also the Most Risky...........................................................................................................................4 Putting a Social Risk Management Process in Place..................................................................................................................6 Step 1: Identify the Risks................................................................................................................................................................................7 Step 2: Assess the Risks................................................................................................................................................................................9 The Components of a Social Media Risk-Assessment Process............................................................................................... 10 Step 3: Manage and Mitigate..................................................................................................................................................................... 12 1) Create a Decision Framework......................................................................................................................................................... 12 2) Put the Right Governance in Place................................................................................................................................................ 13 3) Staff With Dedicated Resources..................................................................................................................................................... 15 4) Protect the Company and Employee With a Set of Policies.................................................................................................. 16 5) Train Employees on What the Boundaries Are........................................................................................................................... 19 6) Deploy Appropriate Tools.................................................................................................................................................................. 19 Step 4: Monitor and Evaluate..................................................................................................................................................................... 20 Next Actions: Get Your Organization’s Head Out of the Sand.............................................................................................. 22 Ecosystem Input.......................................................................................................................................................................................... 23 Endnotes......................................................................................................................................................................................................... 24 About Us ........................................................................................................................................................................................................ 26 Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 2
  • 4. Social Media Often Has Unrecognized Risks Organizations today are jumping on the social media bandwagon in record numbers. In the United States, more than 80% of companies have a presence on Facebook, and 45% are active on Twitter.1 Globally, approximately 16% of companies are using social media to interact and engage with their customers, according to the 2012 IBM Global CEO Study, and that number is expected to triple in three to five years.2 More organizations are using social media to reach and engage with customers and potential customers. It sounds like a panacea, but social media isn’t all Eden. Imagine the 1:35 a.m. call informing you that your new product scheduled for release next week has been accidentally leaked because of some Flickr images. Or the 5 p.m. call that the regulators are going to be in your office first thing tomorrow because of a response that one of your customer service reps tweeted to a customer. These are not hypothetical examples, but some of the real incidents that have happened to companies in the past year that keeps social media managers, CMOs, compliance officers, and others up at night wondering if it could happen to their organization. Companies are often aware of the risks at some level, but instead of taking specific concrete actions, they cross their fingers and hope that they dodge the bullet. The result: A whole new aspect of risk is introduced into the business equation — social media risk.3 Altimeter defines social media risk as: The likelihood that a negative social media event will happen (multiplied by) The impact that negative event will have if it does happen Defining the Types of Social Media Risk To find out the perspective organizations have on social media risk, we interviewed 33 people who are involved in social media and social media risk management. We also surveyed 92 professionals who said that social media risk management was their primary job function or a significant part of their professional responsibilities. When it comes to social media, we found that the perception among most companies is that though social media is a valuable addition to the organization in areas such as marketing, customer support, customer engagement, and internal collaboration, it also presents potentially significant risks in areas like brand reputation, employee productivity, and malware (see Figure 1.1). Specifically, we found that the four largest risks perpetuated by social media are:4 1. Damage to brand reputation. Of those surveyed in our 2012 Altimeter Social Media Risk Management Survey, 66% of 52 companies told us that social media represented a significant or critical risk to the reputation of the organization. Damage to brand reputation can result in a loss of trust or credibility of the organization. For example, the tweet by Kenneth Cole in February 2012 about the uprising in Egypt: “Millions are in uproar in #Cairo. Rumor is they heard our new spring collection is now available online at http://bit.ly/KCairo – KC” did significant damage at the time to the brand. 2. Releasing confidential information. Whether accidental or malicious, by its very nature social media can facilitate the inadvertent release of information. Companies are constantly concerned about the leakage of confidential information, from earning indications to changes in key staff. Of those we surveyed in our 2012 Altimeter Social Media Risk Management Survey, 32% of 52 companies told us that social media was either a critical or significant risk to releasing confidential information. For example, Gene Morphis, the former CFO at Francesca’s Holdings (a fashion retailer and public company) was fired after tweeting confidential information such as “Board meeting. Good numbers=happy board” and “roadshow completed. Sold $275 million of secondary shares. Earned my pay this week.”5 Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 3
  • 5. 3. Legal, regulatory, and compliance violations. While the government works with private industry to reformulate its regulations around social media, companies in highly regulated industries want to engage and, at the same time, not violate any laws or regulations. For example, regulators fined Australian company Allergy Pathway for misleading testimonials written by its fans on Facebook and Twitter, even though Allergy Pathway did not write them.6 That is the reason 30% of 52 companies we surveyed in our 2012 Altimeter Social Media Risk Management Survey indicated that the legal, regulatory, and compliance risks from social media were critical or significant, while another 25% rated the risk as moderate. 4. Identity theft or hijacking. Unfortunately, people having their identity maliciously stolen or hijacked is a common news story. Becoming more common are organizational identities being hijacked on social media platforms, including setting up fake Facebook pages or Twitter feeds and providing false information or acting otherwise maliciously. For example, anti-brand Facebook pages, user-created ads, and tweets were recently used against Royal Dutch Shell concerning its drilling in the Arctic.7 The effort, believed to have been executed by Greenpeace, includes a believable website, the ability to create ads by users, and the functionality to employ social media channels to spread the hoax. Brand hijacking and traditional identity theft fears led 25% of 52 companies we surveyed in our 2012 Altimeter Social Media Risk Management Survey to say that they felt the risk was critical or significant. The Most Popular Platforms Are Also the Most Risky. While companies are aware that social media creates risk and that it is growing, that risk is not equal across platforms. Different platforms offer different levels of audience reach, different types of engagement, and different levels of interaction. When asked, organizations see a significant portion of the risk tied up in just a few of the primary platforms (see Figure 1.2). Figure 1.1: Damage to Brand Reputation is the Largest Risk “In the following areas, what is the level of risk that social media currently presents for your business?” Reputation or damage to the brand 6% 4% 23% 31% 35% Release of other confidential information 10% 25% 31% 17% 15% Loss of intellectual property (IP) 15% 23% 31% 15% 13% Legal, regulatory, or compliance issues 13% 27% 25% 17% 13% Disclosure of personal data 15% 15% 33% 21% 13% Identity theft and/or hijacking 21% 23% 29% 13% 12% Interrupted business continuity 27% 21% 29% 12% 10% Malware 8% 35% 33% 15% 8% No risk Social engineering attacks 15% 35% 29% 12% 6% Slight risk Damage to your information infrastructure 15% 40% 31% 6% 6% Moderate risk Reduced employee productivity 17% 37% 31% 10% 4% Significant risk Employee defamation 19% 29% 27% 21% 2% Critical risk 0 10 20 30 40 50 60 70 80 90 100 Note: Answer percentages may not add up to 100%, due to rounding. Base: 52 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility. Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 4
  • 6. Figure 1.2: The Most Common Social Platforms Are the Primary Sources of Risk “How risky do you currently consider the following social media channels to your organization?” Facebook 10% 25% 30% 35% Twitter 7% 33% 35% 25% YouTube, Vimeo and other video sharing sites 14% 43% 28% 15% Third-party blogs and blog comments 9% 44% 37% 10% Company blogs and blog comments 31% 43% 15% 8% Linkedin 44% 33% 18% 5% Ratings and review sites like Amazon, Epinions 47% 33% 15% 5% Pinterest 34% 38% 25% 3% Photosharing sites like Flickr and Picasa 57% 20% 20% 3% Foursquare Not risky 47% 35% 15% 3% Enterprise or internal social networks like Chatter Slight Google Plus 33% 49% 18% 0% Moderate Yahoo! Answers, Quora and other Q&A sites 44% 43% 13% 0% Significant 0 20 40 60 80 100 Note: Answer percentages may not add up to 100%, due to rounding. Base: 41 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility. Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) Specifically, companies told us that: • Platforms with the broadest reach are the largest potential risk. When it comes to assessing the top sources of risk, risk managers turn no further than the big three — Facebook, Twitter, and YouTube. Of those we surveyed in our 2012 Altimeter Social Media Risk Management Survey, 65% of 41 companies told us that Facebook was a moderate or a significant risk, 60% felt the same about Twitter, and 43% felt that way about YouTube and other video sharing sites. Of all of the social media platforms, these three have the broadest reach, visibility, and adoption among consumers, which all contribute to a higher level of risk. But there are additional factors, such as the frequency of change in the platform and the lack of control over the platform by a brand. For example, more than one company we interviewed said that the frequent privacy policy changes on Facebook left them open to increased risk until the company had a chance to assess the policy and adjust accordingly. • Lack of control is a significant source of risk. When asked about third-party blogs and blog comments, 47% of 41 companies we surveyed in our 2012 Altimeter Social Media Risk Management Survey indicated that these platforms are a source of either moderate or significant risk. Third-party blogs and blog comments reside outside the span of control of the organization and are places where people and groups can freely express their opinion about an organization with few repercussions. In some cases, these blogs can have significant followings with key customer constituencies for a brand. A great example of this was the Heather Armstrong (@Dooce on Twitter) social media crisis for Whirlpool, where the dissatisfied “mommy blogger” turned out to be very influential in the brand’s primary customer space.8 Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 5
  • 7. Putting a Social Risk Management Process in Place Organizations have limited resources. Without understanding what levels of social media risk exist, it is impossible to prioritize which risks to position resources against for control and mitigation. Organizations can choose to shift from being reactive to proactive. The best ways for organizations to become proactive and reduce the impact of a social media crisis is to have a social media crisis management process in place. Social media risk management is a process of evaluating tradeoffs, essentially a cost benefit analysis, as you work from the highest priority risks to the lowest priority risks. We have identified four distinct steps to social media risk management (see Figure 2). Figure 2: Risk Management IAME Loop Identify A ✓ B ✓ C ✓ Evaluate Assess Mitigate Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) This process, once established, should become a cycle in which the organization has a systematic effort to continually evaluate the social media risks it faces and its responses. In more detail, the four steps of social risk management are: • Identify the Risks. The first step is to identify potential risks that can be manifested through social media. These can be risks that are created in the social channel, such as a negative campaign by an activist organization, or the risk that the social channel will amplify a situation or incident. Almost every company we spoke with used a listening platform, such as Radian6 or Crimson Hexagon, as one way to identify potential social media risks. But beyond listening, other companies also ran “brainstorming” sessions where they looked at recent social media and brand crises and then assessed if and how the same scenarios could happen to them. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 6
  • 8. • Assess the Risks. In this step, organizations assess, evaluate, and prioritize risks against the likelihood that they will happen and the potential impact if they do occur. At a base level this can be a qualitative analysis, but at a more advanced level this should be a quantitative analysis. Most of the companies with whom we spoke used a very near-term and ad-hoc assessment process; basically, they didn’t begin to assess a risk until it was already beginning to manifest and, then, only using a simple qualitative process. Other companies in more regulated industries use a more structured risk-assessment process, including bucketing the risk, assigning a set of values to each risk and the likelihood of manifestation, and then prioritizing those risks based upon the assessment. • Manage and Mitigate. In this step, organizations implement mitigation, management, and control efforts, beginning with taking an inventory of what current management and control tools are already in place. Almost every company we spoke with employed either one or more mitigation strategies, including policies, compliance technologies, and employee training. For example, Dell has a robust social media training effort that allows employees to become social media advocates for Dell. • Monitor and Evaluate. The social media risk landscape is in a constant state of change. For that reason, organizations should regularly review and evaluate their current social media risk control efforts, update the inventory of social media risks, and put new mitigation and control processes in place. Step 1: Identify the Risks. The first step in social media risk management is identifying which of the categories of risks your organization faces. Eddie Schwartz from RSA, the security division for EMC, put it very succinctly: “You can’t use ‘chase and respond’ as your approach to social media risk management. It all has to be about going out and finding where your weaknesses are, what threats exist, and who your adversaries are — all proactively.” Understanding how social media risks can be categorized can help to more effectively assess, manage, and respond to these risks. We have broken them down into four general buckets based upon how, if perpetuated, they affect the organization. These four buckets are: • Organization reputation. Damage to brand reputation can cause a loss of trust or credibility that can result in either potential or real financial loss. For example, the tweet by online clothing boutique www. CelebBoutique.com, “#Aurora is trending, clearly about our Kim K inspired #Aurora Dress” not long after the deadly movie theater shooting in Aurora, Colorado, will likely result in lost sales to the company. • Regulatory and compliance violations. Regulatory and compliance risks are those risks that, if an organization posted on a social media channel, it could be in violation of a government regulation that could result in financial and/or other penalties. For example, the Federal Drug Administration (FDA) admonished Novartis for its use of the share widget on its Facebook page promoting the drug Tasigna, which is a violation of FDA advertising guidelines.9 • Legal and privacy. Legal and privacy risks are the result of an organization failing to take an action — such as effectively safeguarding personal information — that could cause harm to another party. Often, employee- and human resources-based risks or privacy issues, such as releasing confidential personal information, fall into this bucket. For example, when Dr. Alexandra Thran posted on Facebook about the patients she was seeing during her clinical training, but didn’t post their names or other identifying information, she thought she was fine. But then, a third party was able to figure out who one of the patients was based upon the injuries she posted about it, and Dr. Thran was fired for violating patient confidentiality.10 Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 7
  • 9. • Operational. Operational risks are those risks that could compromise the overall operations and security of an organization. Operational risks can be further broken down into five sub-categories: 1) reduced employee productivity, 2) release of confidential company information or IP, 3) the introduction of malware into an IT system via a link on a social platform, 4) direct attack toward employees and principals, such as a social engineering effort, and 5) business continuity on primary digital business channels, such as an e-commerce platform. No risk falls into a single category, as every incident that manifests takes on unique characteristics that cause it to cross categorization boundaries. For example, an accidental release of private customer information by a financial services firm would start as an operational risk and then move to a regulatory risk when the incident is reported to the appropriate regulatory agency. It then becomes an organization reputation risk when the data loss becomes public, and lastly it evolves into a legal risk if one of the customers whose data was compromised decides to sue. Social media threat identification is a continuous and ongoing process that is unique to each organization. That being said, the more advanced organizations we spoke to took a two-tiered approach that had both continuous and incremental reviews, with continuous reviews happening on a weekly to monthly basis and deeper and more intense reviews happening on a quarterly to annual basis. To identify potential social media risks, more advanced companies use a combination of the following activities. 1. Review historical activities. As one company pointed out, social media risks, like other risks, tend to follow patterns. One way then to identify social media risks is to examine how the company has suffered an adverse impact previously in both traditional and social channels. 2. Scrutinize what they are hearing through listening. Many companies look for new risks popping up across their listening platforms on a continuous basis and classify those risks as either immediate or long- term. Immediate risks are pushed into a crisis management process, and the lower level, long-term risks are moved back into the risk-assessment process. 3. Learn from others. There are social media crises and incidents happening all of the time, and each of these events are great learning opportunities for companies. One company we spoke with has a multi- disciplinary team that does a weekly analysis of the news, looking for case studies and newly identified risks that are then put into their risk-assessment process. 4. Create a social media risk library. Several of the companies we spoke to are creating or have created a library or list of potential risks — similar to what Intel created in the Intel Threat Agent Library — and adding to these as they are identified.11 5. Review new activity risks. Every time a team or a division of a company wants to start a new social media activity, these activities should be reviewed for exposure to new risks. For example, when the customer service team of a large financial services firm wanted to launch a new customer service effort via social channels, the activity was closely examined for potential risks. 6. Examine shifting platform risks. Lastly, platforms are constantly changing, and companies that essentially “rent space on these public platforms,” as one company put it, need to review those changes for potential risks. The firms we interviewed mentioned some of the more common platform changes that shifted their risk exposure, including changes in privacy policies, changes in data retention policies, and changes in the actual functionality of the platform itself (such as when Facebook introduced Timeline). Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 8
  • 10. Step 2: Assess the Risks. Many companies don’t know what level of social media risk they’re taking on, because they don’t regularly assess and quantify their social media risk. We found that 56% of 39 companies we surveyed in our 2012 Altimeter Social Media Risk Management Survey regularly assess their social media risk (see Figure 3). In our interviews, companies expressed numerous reasons for not regularly assessing their social media risk, but the most common reasons were a lack of resources to be able to accomplish the task. Figure 3: Half of Companies Assess Their Risk “Does your company currently assess its social media risk?” 56.4% Do not know No Yes 33.3% 10.3% Base: 39 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility. Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) The Components of a Social Media Risk-Assessment Process A social media risk assessment is a structured process for the objective evaluation and determination of the level of risk or exposure an organization faces specific to an identified threat or potential occurrence. Social media risk is composed of two primary components of likelihood and impact, and both of these components need to be examined within the context of an analytical methodology to be able to effectively assess the severity of a potential event (see Figure 4). Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 9
  • 11. Figure 4: The Likelihood and Impact Components for Assessing Social Media Risk Component Subcomponent Likelihood. Likelihood Catalyst. Catalyst determines if there is a catalyst for action by the people or is the first component groups who would perpetuate the risk. It asks: Is there something that would cause of social media risk people to act? Some social media risks have a definite catalyst for action, such and is the probability as a product recall or a major news story. Other social media risks, such as the of occurrence that introduction of malware or reduced employee productivity, have much smaller and something will happen. less well-defined catalysts. For example, a pro-environmental consumer might be motivated to sign petitions and write emails, but won’t join a social media campaign against a large company until there is a catalyst for action. Opportunity. Opportunity asks: What is the breadth and depth of the opportunity of the channel? First, opportunity examines the accessibility of the channel — is this a public platform like Facebook, or is it walled off like an Enterprise Social Network? Second, social media is social, and one of the key aspects of social is the ability for something to go viral. Opportunity also examines what is the opportunity for this risk to perpetuate an increasing audience size. Motive. Motive looks at what is the underlying motivation for an actor. For example, a consumer who just wants to get their dishwasher fixed and feels like customer service won’t listen to them is much different than an employee who accidently releases confidential information. Impact. Impact is the Reputation. Reputation often means revenue, so this component looks at what second component of would be the estimated impact due to the loss of reputation, primarily measured social media risk and as the loss of current and future customers or sales. This could be reflected in loss refers to the expected of social media fans, significant shift in web traffic, a lower Net Promoter Score, or effect or consequences other measures. (often negative) of an event or occurrence. Availability. Availability looks at what would be the impact on the ability of the Impact is commonly organization to service customers. For example, if social channels are your primary portrayed in the marketing channels, a lot of negative noise on that channel would lessen your common denominator if marketing ability. Another example is a social customer service channel being financial loss. inundated with negative comments instead of real customer service requests. This could make that channel unavailable to real customers. Legal/compliance. Legal, regulatory, and compliance risk is often a much more real and more tangible impact then many others, not just because of the potential financial damages, but because of the additional penalties and complications regulatory agencies and lawsuits can impose on a firm. For example, Lalit Modi, Chairman and Commissioner of professional cricket league Indian Premier League, had to pay more than $1.5 million in fines and legal fees after accusing another cricket player of match fixing on Twitter. Source: “Guarding the Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 10
  • 12. The basic social media risk-assessment methodology used by some of the firms we spoke to is similar to many other risk-assessment methodologies. It focuses on understanding and estimating the likelihood of a threat event and the impact if the event occurs. From there, risks can be rated and resources applied against them to reduce likelihood and manage impact. The four steps are: 1. Rate the likelihood that an individual event could happen. The first component of this step is to rate what is the likelihood that an identified event will happen, with the scoring often based on experience. For some companies, this will be as simple as ranking each one either as a low, medium, or high likelihood. A more complex approach would be applying a quantitative rating based on a number of factors, such as a new product launch, recent attention in the news, or a targeting by an activist organization. For example, an organization may rate the likelihood of a brand reputation risk as a twice-a-month occurrence, but a legal risk may evolve rarely, once every two years. 2. Rate the potential impact to the organization if it were to happen. Again, based upon experience and an understanding of the organization and the market, determine what could happen. Be clear what the potential brand, market, financial, and customer impacts of the event could be. This could be as simple as ranking each potential event either as a low, medium, or high impact to as complex as applying a quantitative rating based on a number of factors of what the impact could be. 3. Rank the risks. Next, based upon the likelihood and potential impact of an event, rank the identified risk events. The most common approach is to place the scores on a matrix, with likelihood on the x-axis and impact on the y-axis according to scale or score, as in the example figure below (see Figure 5). For example, if Event A has a likelihood of High but only an impact of Low, it would be addressed under the moderate risk group. If two events are in the same risk group, the event with the higher likelihood should get ranked above the event with the higher impact. For example, if one event has a low likelihood and a severe impact, compared to an event with a high likelihood and a medium impact, the second event would get prioritized higher. 4. Prioritize efforts and resources to manage and mitigate risk. Based upon the ranking of the potential risk events, organizations should prioritize resources to either reduce the likelihood of the highest prioritized risk through implementation of additional controls and mitigation efforts or minimize the negative impact of such incidences. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 11
  • 13. Figure 5: Example of a Social Media Risk Matrix Severe Likelihood High Med Severe Risk High Risk Moderate Risk Low Low Risk Low Med High Severe Impact Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) Step 3: Manage and Mitigate. Once you have identified and assessed the risk, what are you going to do about it? Companies can manage and mitigate the risk through six steps: 1. Create a decision framework. 2. Put the right governance in place. 3. Staff with dedicated resources. 4. Protect the company and the employee with a set of policies. 5. Train employees on what the boundaries are. 6. Deploy appropriate tools. 1) Create a Decision Framework. The first step is to use a risk control decision tree to systematically and thoroughly evaluate the controls against the risks based upon first reducing likelihood and then reducing the impact (see Figure 6). Reducing likelihood focuses on determining whether or not the risk can be directly controlled in the first place and then whether or not the factors that affect and perpetuate that risk can be mitigated. In contrast, reducing impact focuses on exactly that — making sure that the appropriate crisis control process is in place to minimize negative effects. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 12
  • 14. Figure 6: Example Process for Managing and Mitigating Risk What is the likelihood of the risk? Reduce Likelihood N Can the risk Y Y Should the risk Implement Monitor Are they be directly be controlled? direct controls effective? controlled? N What factors N affect the risk? Y Y Should the Y Can the factors Implement Are they factors be Monitor N be controlled? factor controls effective? controlled? N What are the N Y potential Reduce Impact impacts? Can these Y Should the Y Implement Are they impacts be impacts be Monitor N impact controls effective? reduced? controlled? N Create crisis N plan to cover Y Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) 2) Put the Right Governance in Place. The second component to good social media risk management is having the right roles and processes in place. In most organizations, but not all, the social media team is responsible for managing social media risk. We found that in approximately 50% of organizations we spoke with, the social media team is primarily responsible when it comes to social media risk management (see Figure 7). Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 13
  • 15. Figure 7: Social Media Team is Frequently Tasked with Social Risk Management “Which part(s) of the organization have a role in managing social media risk?” Social media team 42.1% Corporate communications 18.4% Marketing 13.2% Legal 7.9% Public relations 7.9% Human resources 2.6% Information security 2.6% Risk management 2.6% Digital marketing 2.6% 0 10 20 30 40 50 Base: 39 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility. Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) Even though the social media team is often the primary governance lead responsible for social media risk management, it shouldn’t be the only department involved. One vendor we spoke with said that it has clients where social media risk management rolls up into legal, because of archiving and e-discovery issues, and from there up to the CFO. There are a number of possible configurations, because social media and social media risk affects a broad swath of any organization. From internal employee issues, such as training and monitoring handled by HR, to technology-based security issues handled by IT, a number of different groups and departments may have expertise that would assist in managing social media risk. One company we spoke with put it this way, saying, “HR, legal, and IT play the role of providing primary guidance on the infrastructure of what is needed behind all social programs.” Though every organization is different, Altimeter Group has identified six key organizational components that should to be involved in social media risk management (see Figure 8). Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 14
  • 16. Figure 8: Six Key Organizational Components in Social Media Risk Management Organizational Role Component Marketing The marketing department is the department most often in charge of social media efforts, and, as such, plays a key role in overseeing the organizational social media brand presence. In most organizations, it is also responsible for social media risk management. Human Resources Human resources is critical to social media risk management, because it is often the group responsible for managing and monitoring the employee use of social media. Legal and Compliance Legal is generally responsible for laying down legal guidance on the appropriate use of social media. In regulated industries, compliance ensures that social media efforts are in compliance with the policies of the oversight agency. IT and IS IT and IS are responsible for internally hosted platforms, information security, and data loss prevention. Communications and Communications and PR are often responsible for organizational branding and crisis PR communications in the event of a crisis. Security and Risk Security and risk management are more traditional roles that are just beginning Management to get involved in social media risk management because of the role that social media plays in traditional physical and perimeter security (such as through social engineering). Source: “Guarding the Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) For example, one organization we spoke with has quarterly governance meetings of an established group that include representatives from marketing, corporate communications, legal, IT, and HR. Other organizations are more ad hoc in their approach. For example, one company had no specific structure for social media risk governance, but held weekly meetings between the social strategist and a representative from legal to ensure that what they were doing was within the policy bounds of the company. 3) Staff with Dedicated Resources. Another key aspect is the amount of organizational resources that the company is willing to dedicate to the issue of social media risk management. Most companies have one to three employees who, as a part of their job duties, support the organization in addressing social media risk. In our 2012 Altimeter Social Media Risk Management Survey, 43% of 39 companies we surveyed dedicate less than one FTE to social media risk management; and 31% had between one and five FTEs. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 15
  • 17. Some companies are taking social media risk more seriously and are staffing up. For example, both DuPont and Intel have one to two FTEs, including at least one person in a full-time social media risk management role identifying, assessing, and managing social media risk, in addition to other employees who support the social media risk management effort part-time. To determine what resources are needed, emulate the steps that companies with more mature social media risk management processes have taken: 1. Identify the need for a resource for social media risk management based on the risk-assessment process outlined above. 2. Determine how much time is needed to manage the process based upon the risk assessment and current resourcing levels. 3. Determine what skill sets and technologies are necessary and what can be “outsourced” both within and outside the organization. 4. Hire, promote, or shift people to put the resource in place. 4) Protect the Company and Employee with a Set of Policies. The fourth component to good social media risk management is having the right “fence lines” or policies in place.12 Traditionally, social media policies, from a social risk-management perspective, primarily focused on one thing — minimizing the risk to the organization. But like many other things, minimizing that risk has a tradeoff. If organizations try to minimize the risk too much, they do so at the expense of the primary purpose of social media — being social. Policies need to define what should not be done, and then, when you do engage, how to do so in a way that minimizes risk. When it comes to existing social media policies at companies, the most common type of policy is a privacy policy (see Figure 9.1), with 59% of 34 companies we surveyed in our 2012 Altimeter Social Media Risk Management Survey reporting that they had a privacy policy in place. These privacy policies commonly build on the digital privacy policies that were put in place for interactions through websites and email. Other social media policies that most companies have include an employee policy on the personal use of social media (56%); disclosure, confidentiality, and ethics policies (53%); and a corporate policy on the corporate use of social media (50%). When a company does have a social media policy, we found that most of these policies are updated less than annually (see Figure 9.2). A best practice exposed by some of the companies that we spoke to is that a social media policy should be reviewed and updated twice a year to match the pace of technology change. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 16
  • 18. Figure 9.1: Privacy Policy is the Most Common Social Media Policy “Which of the following social media policies or other policies that either include social media or are referenced back to in social media policies does your company currently have?” Privacy policy 58.8% Employee policy on personal use of social media 55.9% Disclosure, confidentiality, and ethics policies 52.9% Corporate policy on official corporate uses of social media 50% Community policy for customers, partners, and prospects 38.2% Channel specific (ex. Twitter, LinkedIn, and YouTube) policies 32.4% Commenting policy 29.4% We currently don’t have a separate policy that applies to social media 8.8% Other types of social media policy 2.9% 0 20 40 60 80 100 Base: 34 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility. Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) Figure 9.2: Social Media Policies Are Not Updated Frequently “How often are these policies updated?” Less than annually 52.9% Annually 32.4% Quarterly 11.8% Monthly 2.9% 0 10 20 30 40 50 Base: 34 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility. Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 17
  • 19. Though there are multiple types of social media policies, most policies fit into three categories (see Figure 9.3). These categories can and should overlap in their application. A good social media policy is a balance point between minimizing risk to the organization and shared responsibility between the organization and others. Figure 9.3: Three Primary Social Media Policy Categories Category Explanation Example Policy Types Participation Social media participation Privacy: Determine how the organization will use the policies outline at a information it gathers as it participates. tactical level how people and groups participate (or don’t participate) in both formal and informal Employee participation: Document which communities. employees are allowed to participate in social media on behalf of the organization and what they should and shouldn’t do. Community: Detail the common objectives of a formal community, who is allowed to participate in a formal community, and the boundaries for participation within that community. Ethics Ethics policies cover at a Disclosure: Outline what information is okay to strategic level what is right release, what isn’t, and under what circumstances. and wrong behavior in social media. Code of conduct: Document what is the appropriate desired behavior of both employees and customers, both personally and professionally. Operational Operational policies cover Organizational purposes for social media: This the risk and execution of policy outlines the strategic purposes of why an the aspects beyond social organization chooses to participate in social media media. and what employees, customers, and partners can expect from the organization. Information security: Outline the different security precautions to take with social media. Source: “Guarding the Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 18
  • 20. 5) Train Employees on What the Boundaries Are. If you have social media risk governance established, have the right kinds of policies and covenants in place, and have a process for updating them on a regular or as-needed basis, the next step is making sure employees and executives are appropriately and regularly trained. Altimeter Group found that approximately 60% of 35 companies we surveyed in our 2012 Altimeter Social Media Risk Management Survey never train employees about social media or only when they are hired (see Figure 10). Given the constant state of change of social media and the risk that social media has for the organization, employees should be given annual training on organizational social media policies and processes. This can be integrated into existing training on privacy or compliance training or a course with a dedicated focus. Figure 10: Training on Social Media Policies is Lacking “How often are employees trained on the social media policies commonly?” Only when they are hired 40.0% When they are hired and 37.1% then at least once annually They are never fully trained 22.9% on social media policies 0 5 10 15 20 25 30 35 40 Base: 35 of 61 respondents for whom social media risk management is their primary or a significant part of their responsibility. Source: “Guarding the Social Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) 6) Deploy Appropriate Tools. Last but not least, having the right technologies in place to support and scale social media risk management is essential. The bad news: There aren’t a lot of technology tools that are currently designed and dedicated for social media risk management. Most tools used in social media risk management are multi-purpose tools or tools that have been appropriated from other purposes. There are three general tool categories in this fledgling space: 1) monitoring and listening tools, 2) social media management systems, and 3) social media compliance systems (see Figure 11). Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 19
  • 21. Figure 11: Key Social Media Risk Management Tool Categories Category Overview Tools Monitoring and Social media monitoring and listening platforms are Options range from simple Listening the same tools that organizations use to listen to what tools, like Google alerts and their customers are saying in the social space. In Facebook searches, to more social risk management, they are also used for nearly advanced listening tools, the same purpose, turned toward listening for risk- like Salesforce Radian6 and indicating statements from customers and leakage of Crimson Hexagon, to full-on internal information by partners and employees. analytics packages, like SAS. Social Media Social media management tools are tools that This category includes Management organizations use to organize, manage, and a broad set of tools automate their social media workflow, including and technologies, like publishing. From a social media risk management Actiance, Awareness, perspective, some of these same tools can also Expion, Hearsay Social, be used to manage and control what information Inc., Hootsuite, Social is released by the organization. For example, some iQ Networks, Sprinklr, tools can scan outgoing corporate social messaging SproutSocial, Syncapse, and flag inappropriate content or content in violation and others. of corporate guidelines. This would be especially important for companies operating in a highly regulated environment. Social Media Social media compliance tools are functionalities This category of tools Compliance and tools that assist organizations in complying with includes Actiance, Jive, either internal policies and/or external regulatory Kronovia, Smarsh, Social requirements. These tools enable activities such as iQ Networks, SocialLogix, archiving of social media activity, auditing social media Socialware, and others. activity, and monitoring employee social activity. Source: “Guarding the Gates: The Imperative for Social Media Risk Management,” Altimeter Group (Aug. 9, 2012) Step 4: Monitor and Evaluate. Social media is and will remain a dynamic, constantly shifting space for the foreseeable future. So the risk identification, assessment, and mitigation efforts you did last week, last month, and last year won’t be entirely applicable to the risks you face today or tomorrow. Your social media risk management efforts will need to continue to evolve against the changing threats. To do that, focus on continuously monitoring and assessing evolving threats and evaluating the mitigation and control efforts against the threats. Risk assessments and mitigation efforts should be reviewed on a regular (every six months to annually) basis to ensure that there continues to be coordination between assessments and mitigation efforts. For example, one company we spoke to runs a monthly session that looks at current risks, emerging risks, and the effectiveness of mitigation and control efforts. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 20
  • 22. In addition to these regular reviews, risk assessments and mitigation strategies should be reviewed or updated under the following circumstances: • Entering a new channel. Whenever an organization is making the determination to enter a new social channel or platform, a risk assessment should be done along with an examination of the ability of current mitigation and control mechanisms to handle any additional risks identified in this new channel. For example, a financial services firm we spoke to did an extensive social media risk assessment before launching a social media-based customer service channel. • Solid emergence of a new technology. Whenever a new technology begins to solidly emerge with broad adoption, an evaluation should be done to ensure that the risk assessment is up to date and that the mitigation and control efforts cover this new technology. For example, one company we spoke to said that once a social media platform reaches 50 million potential customers, such as Google+ did, it begins to include it in its risk assessment. Even if the company is not planning on embracing a new technology, what should drive the risk assessment is the channel or platform adoption (either actual or potential) by the organization’s customers. • Identification of a new threat. If a new threat emerges, then the risk assessment needs to be checked against the new threat to ensure that the appropriate control and mitigation strategies are in place. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 21
  • 23. Next Actions: Get Your Organization’s Head Out of the Sand Good social media risk management practices are your insurance that you will be prepared to address, mitigate, and manage social media risks to keep them from turning into social media crises. To ensure the odds of success of your nascent risk management process, do the following: • Make social media risk a board issue. The primary reason that there is a continuing growth in social media crises and social media contributing to other crises is because most company leaders don’t perceive social media as a risk, in much the same way that most executives and boards didn’t perceive the internet as a risk until the first malware showed up. Be proactive in making social media risk a board- level issue, given its potential to significantly impact the value of the company. For example, IBM makes social media risk a board-level issue.14 While some of the day-to-day tasks can be delegated down, executives need to be involved in the decision-making and oversight. Build awareness of this responsibility by educating key leaders (up to and including board of directors) that social media has both an upside and a downside and that they need to be aware of — and engaged in — understanding both. • Learn from past crises. Whether it is within your organization or another, there is a new social media crisis every week, and these crises often provide great potential case studies on what to do and what not to do when it comes to social media risk management. Pick a crisis, do some background research to better learn what led up to that crisis and how the organization responded, and then war-game out the crisis as if it happened to your organization. Begin by asking: How would your organization have responded differently? How would your organization have responded the same? What processes, tools, and policies would have helped? And if this would have happened anyway, how could you minimize the impact? • Review your own responses. Most organizations we interviewed said that they faced one or two significant social media crises on an annual basis. These events provided a great learning laboratory after they were over. After dealing with a potential or actual social media crisis event, run post-mortem reviews by asking and answering the following questions: • What actually happened? • What were the primary factors leading up to the event? • Which of those factors could we influence? • Which of those factors could we control? • Was this event predictable? If so, did we predict it? If we didn’t predict it, why not? • What worked in mitigating the risk? What didn’t? • What do we need to change now? • Test through scenario exercises. The only way to know if the social media risk management effort your organization has put in place will work is to test it. One of the best ways to test it is by running scenario exercises or war-gaming different risk scenarios. These should be done on a regular basis (every quarter to an annual basis) and involve different levels and departments around the organization. For example, a basic exercise may involve the ability of the listening team to find and recognize different risks. A more complicated and extensive exercise would involve running the whole social media management effort all the way up to the CEO through a multi-faceted social media risk management and crisis exercise. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 22
  • 24. Ecosystem Input This report includes input from market influencers and solutions vendors who were interviewed or briefed by Altimeter Group during the course of this research. Input into this document does not represent a complete endorsement of the report by the companies listed below. Brands (17) AAA, Kim Snedaker, Social Media Strategist AAA Club Partners Cisco, Lasandra Brill, Senior Manager Global Social Media Dell, Liz Bullock, Director Social Media & Community Dell, Ryan M. Garcia, Legal Director Social Media Dell, Richard Margetic, Director Global Social Media DuPont, Heather Read, Social Media Issues & Crisis DuPont, Gary Spangler, Corporate eMarketing Manager at DuPont IBM, Gadi Ben-Yehuda, Social Media Director for The Center for the Business of Government Intel, Rick Reed, Issue & Crisis Manager Red Cross of America, Wendy Harman, Social Media Director The Weather Channel, Renee Willet, Manager Social Media Marketing Toyota, Florence Drakton, Social Media Manager Toyota, Kimberley Gardiner, National Digital Marketing & Social Media Manager WellPoint, Jonathan Blank, Manager of Social Media Wells Fargo, Ed Terpening, Vice President Social Media Note: Two brands are not listed for confidentiality reasons. Professional Services and Agencies (12) 247 Laundry Service, Jason Stein, Founder & President Big Fuel, Michoel Ogince, Director, Platform and Product Strategy C7group, Jeff Marmins, CEO and Founder Edelman, Michael Brito, SVP Social Business Grant Thornton LLP, Lucino Sotelo, Head of Digital Marketing Grant Thornton LLP, Jan Hertzberg, Managing Director Business Advisory Services Hill+Knowlton Strategies, Andrew Bleeker, Worldwide Director of Digital Ketchum, Jonathan Kopp, Partner and Global Director KPMG, Sanjaya Krishna, Digital Risk Consulting Leader KPMG, H. John Hair, Director KPMG Advisory Services PricewaterhouseCoopers LLP, Jack Teuber, Managing Director Online Marketing Weber Shandwick, David Krejci, Executive Vice President Social Media and Digital Communications Vendors (13) Actiance Crimson Hexagon Hearsay Social, Inc. Kronovia rPost RSA (EMC) Salesforce Radian6 SAS Secure.me Smarsh Social iQ Networks SocialLogix Socialware Acknowledgements With thanks for support from: Regina Denman, Asha Hossain, Cheryl Knight, Christine Tran, and Alec Wagner. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 23
  • 25. End Notes 1 A research survey by InSites Consulting of more than 1,200 global company managers, found that eight out of ten American companies are present on Facebook, 45% have a twitter account, 48% are on LinkedIn, and 31% are on YouTube. Please see “Survey Shows 80% of Companies Use Facebook,” Vending Market Watch, June 20, 2012; www.vendingmarketwatch.com/news/10732362/survey-shows-80-percent- of-companies-use-facebook. Retrieved on June 22, 2012. 2 A ccording to the IBM 2012 Global CEO Study of 1,709 CEOs interviewed, 16% of their companies use social platforms to engage with their customers, with that number expected to jump to 57% within a period of three to five years. Please see Leading Through Connection: 2012 Global Chief Executive Study, IBM Institute for Business Value; www.ibm.com/ceostudy2012/. Retrieved June 22, 2012. 3 W ith most organizations, the primary social risk is not participating in the social space. Even the most heavily regulated and conservative organizations have come to understand that whether or not they choose to participate, there are already conversations taking place about the organization and that it is better to be a part of those conversations then not. 4 O ther areas pose just as great a risk, but they are more relevant to certain industries, platform adoption, or customer base. For example, one company that does a lot of government and financial services work reported that a deep investigation of the background of a person who was trying to connect with all of the key members of a project via LinkedIn actually had multiple different personas and had originated from an Asian country. Essentially, they were using a social channel for social engineering to attempt to penetrate the company. 5 I t is unusual to see executives make social media mistakes, but it can happen. Please see “Facebook and Twitter Postings Cost CFO His Job,” The Wall Street Journal, May 15, 2012; http://online.wsj.com/article/SB10001424052702303505504577404542168061590.html. Retrieved July 23, 2012. 6 A llergy Pathways was sued by the Australian Competition Consumer Commission after fans posted misleading positive comments about its products online on Facebook, Twitter, and other social channels. Even though Allergy Pathways didn’t write the posts, since it should have known they were misleading and instead left them up on the sites, according to the court, it then became the publisher and was responsible. See the findings from the ACC at www.accc.gov.au/content/index.phtml/itemId/972417/fromItemId/142. 7 B rands being attacked and hijacked by activist organizations, like Greenpeace and others, is becoming more common. Please see Asher Moses article “Shell Social Media Oil Spill a ‘Coordinated Online Assassination’” in the Sydney Morning Herald, July 19, 2012; www.smh.com.au/ technology/technology-news/shell-social-media-oil-spill-a-coordinated-online-assassination-20120719-22bpe.html. Retrieved July 26, 2012. 8 I n 2009, Mommy Blogger Heather Armstrong (aka Dooce) called Whirlpool customer service over Whirlpool’s inability to fix her almost-new Maytag (a subsidiary of Whirlpool) washing machine. When she wasn’t able to get what she felt was an appropriate and helpful response from the rep or their supervisor, she resorted to what amounts to a veiled threat — asking the customer service rep if Whirlpool knew what Twitter was and that she had over a million followers. Whirlpool’s response? Essentially, “So what?” And, with that, Whirlpool missed an opportunity to identify and respond to a potential risk to its brand that could have been alleviated through good customer service. 9 T he issue with the share widget was that it didn’t give consumers full information, only sharing the positive aspects about the drug and not the associated risks. Please see Mike Masnick’s article “FDA Tells Novartis That ‘Facebook Sharing’ Widget on its Site Violates Drug Ad Rules,” TechDirt, August 10, 2010; www.techdirt.com/articles/20100806/15182710535.shtml. Retrieved July 24, 2012. 10 D r. Tran’s transgression was not necessarily in that she was posting about her experiences on Facebook, but that she was giving away enough information that patients could be identified. See www.msnbc.msn.com/id/42652527/ns/technology_and_science-security/t/doctor-busted- patient-info-spill-facebook/#.UBQatDGe7Sw. 11 T he Intel Threat Agent Library is a compilation of threat agent personas that Intel and other companies can then defend against. According to the Intel site, Intel IT Threat Assessment Group developed to drive a standardized reference to human threat agents that pose threats to IT systems and other information assets. See the site and the library at http://communities.intel.com/docs/DOC-1151. 12 A ltimeter Group Founder Charlene Li lays out the different types of social media policies, the importance of accountability, and more in her book Open Leadership. Please see Charlene Li, Open Leadership, Jossey Bass, 2010. 13 F or a deeper look at different social media management systems and how to manage proliferation of platforms, see Jeremiah Owyang’s A Strategy for Managing Social Media Proliferation, January 5, 2012. www.slideshare.net/jeremiah_owyang/smms-report-010412finaldraft 14 I BM CMO Jon Iwata shared that social media risks are regularly reviewed at IBM board meetings, at the IBM CMO CIO Leadership Exchange 2012, June 6, 2012. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 24
  • 26. Open Research This independent research report was 100% funded by Altimeter Group. This report is published under the principle of Open Research and is intended to advance the industry at no cost. This report is intended for you to read, utilize, and share with others; if you do so, please provide attribution to Altimeter Group. Permissions The Creative Commons License is Attribution-Noncommercial-Share Alike 3.0 United States at: http://creativecommons.org/licenses/by-nc-sa/3.0.Disclosure. Disclosures Your trust is important to us, and as such, we believe in being open and transparent about our financial relationships. With permission, we publish a list of our client base on our website. See our website to learn more: www.altimetergroup.com/disclosure. Disclaimer ALTHOUGH THE INFORMATION AND DATA USED IN THIS REPORT HAVE BEEN PRODUCED AND PROCESSED FROM SOURCES BELIEVED TO BE RELIABLE, NO WARRANTY EXPRESSED OR IMPLIED IS MADE REGARDING THE COMPLETENESS, ACCURACY, ADEQUACY, OR USE OF THE INFORMATION. THE AUTHORS AND CONTRIBUTORS OF THE INFORMATION AND DATA SHALL HAVE NO LIABILITY FOR ERRORS OR OMISSIONS CONTAINED HEREIN OR FOR INTERPRETATIONS THEREOF. REFERENCE HEREIN TO ANY SPECIFIC PRODUCT OR VENDOR BY TRADE NAME, TRADEMARK, OR OTHERWISE DOES NOT CONSTITUTE OR IMPLY ITS ENDORSEMENT, RECOMMENDATION, OR FAVORING BY THE AUTHORS OR CONTRIBUTORS AND SHALL NOT BE USED FOR ADVERTISING OR PRODUCT ENDORSEMENT PURPOSES. THE OPINIONS EXPRESSED HEREIN ARE SUBJECT TO CHANGE WITHOUT NOTICE. Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 25
  • 27. About Us Alan Webber, Altimeter Partner, Analyst Alan Webber (@alanwebber) is an Industry Analyst and currently the Managing Partner at Altimeter Group. Alan’s research and client efforts focus on the understanding and thriving through disruptions at intersection of organization, culture, and technology. Alan publishes some his findings on his professional blog www.RoninResearch.org. Prior to Altimeter, he was a Principal Analyst at Forrester Research where he covered the B2B online user experience, digital engagement, and disruptive technologies in government. Charlene Li, Altimeter Founder and Partner, Analyst Charlene Li (@charleneli) is Founder of the Altimeter Group and the author of the New York Times bestseller, Open Leadership. She is also the coauthor of the critically acclaimed, bestselling book Groundswell, which was named one of the best business books in 2008. She is one of the foremost experts on social media and technologies and a consultant and independent thought leader on leadership, strategy, social technologies, interactive media, and marketing. Jaimy Szymanski, Researcher Jaimy Szymanski (@jaimy_marie) is a Researcher with Altimeter Group where she researches and analyzes how organizations can effectively utilize social media and other disruptive technologies to achieve business advantage. She has experience working in business consulting, content marketing, and social media research and advisory roles. Altimeter Group is a research-based advisory firm that helps companies and industries leverage disruption to their advantage. Contact Us Advisory Opportunities Altimeter Group Email: sales@altimetergroup.com 1875 S. Grant Street, Suite 680 San Mateo, CA 94402-2667 info@altimetergroup.com www.altimetergroup.com Attribution-Noncommercial-Share Alike 3.0 United States | © 2012 Altimeter Group | 26