Social Media and Cyber Risks - David Jolley

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Social Media and Cyber Risks - David Jolley

  1. 1. Summit ConferenceCyber Risks and Social Media: Key Takeaways for Boards6 December 2012
  2. 2. Cyber Risks and Social Media► Panelists ► Mason Coltrin, Sr. Manager, IT Advisory Services, Ernst & Young ► Sara Harrington, Senior Director Legal-IP, LinkedIn ► Sheh Betram, Chief Technology Officer, Zions Bancorp ► Rick Childs, Managing Director, ProtivitiPage 2 Cyber Risks and Social Media: Key Takeaways for Boards
  3. 3. Social Media Gone Wild►Oprah’s publishing her list of favorites and tweeting praiseabout the Microsoft Surface product from a device thatadded an iPad watermark?►KitchenAids social media voice made an insensitive tweetabout the Presidents grandmother dying within days of herdeath that got blasted through the official KitchenAid twitteraccount?►In 2012, the CFO of a public company tweeted that "goodnumbers = a happy board" BEFORE public financial resultswere released.Page 3 Cyber Risks and Social Media: Key Takeaways for Boards
  4. 4. Social Media use is growing at a blistering pace…Worldwide, 1.2B people used socialnetworking sites, a 23.1% growth over2011 Social Media Penetration by Country (as a % of Total Population) US (49.9%) Canada (49.3%) South Korea (46.6%) Australia (44.4%) Russia (41.9%)Page 4 ***DRAFT*** Cyber Risks and Social Media: Source: Ipsos Research 2012 Key Takeaways for Boards
  5. 5. …and businesses are quickly jumping on the social mediabandwagon. • 365 (73%) of the Fortune 500 have • 332 (66%) of the Fortune 500 are now on corporate Twitter accounts with a tweet in Facebook. This represents an 8% the past thirty days. This represents an 11% increase since last year increase since last year. • 8 of the top 10 Fortune 500 Electric, • All of the top 10 Fortune 500 (Exxon, Wal- Fannie Mae, Ford Motors and Hewlett- Mart, Chevron, ConocoPhillips, General Packard) have Facebook Pages. Exxon Motors, General Electric, Berkshire and Berkshire Hathaway do not. Hathaway, Fannie Mae, Ford Motors and Hewlett-Packard) consistently post on their Twitter accounts. Corporate Blogging has nearly doubled since 2008 What does this growth mean for your organization?Page 5 ***DRAFT*** Cyber Risks and Social Media: Key Takeaways for Boards Fortune 500 Social Media Statistics
  6. 6. We Are At a social media crossroads…Here’s the good news … … now the bad news …• 80% companies are using social media… • …70% of questions are not responded, and take an average of 26 hours to respond.• Just about every one of the Fortune 500 • …Only 25% offer training to their employees companies has a presence on Twitter… • …Only 5% of companies are responding on what• 95% of Fortune 500 companies have setup customers are telling them social media listening posts… • …Only 7% Social Media Policies prohibited use of• The avg company has 178 social media company trademarks, and only 11% told employees to assets… seek permission before using company trademarks. Social Media is here to stay…is your organization prepared? Page 6 Cyber Risks and Social Media: Key Takeaways for Boards
  7. 7. Cyber Risks and Social MediaThe US Government estimates that American businessessuffered losses of intellectual property totaling more than $1trillion from cyber attacks.Response: Assume “they’re in”Page 7 Cyber Risks and Social Media: Key Takeaways for Boards
  8. 8. Cyber Risks and Social MediaE&Y 2011 Global Information Security SurveySummary► 72% of respondents see an increasing level of risk due to increased external threats► 49% of respondents stated that their information security function is meeting the needs of the organizationMobile Computing► 80% are either planning, evaluating or currently using tablet computers► 57% had made policy adjustments to mitigate the risks related to mobile computingPage 8 Cyber Risks and Social Media: Key Takeaways for Boards
  9. 9. Cyber Risks and Social MediaE&Y 2011 Global Information Security SurveyCloud computing► 61% are currently using, evaluating or planning to use cloud computing-based services within the next year► 90% believe that external certification would increase their trust in cloud computingSocial Media► 40% rated social media-related risks issues as challenging► 53% have implemented limited or no access to social media sites as a control to mitigate social media risksPage 9 Cyber Risks and Social Media: Key Takeaways for Boards
  10. 10. Cyber Risks and Social MediaE&Y 2011 Global Information Security SurveyData loss prevention► 66% have not implemented data loss prevention toolsIT risk management► 56% indicated that their current information security strategy needs to be modified or needs further investigation► For the second consecutive year, respondents indicated that business continuity is their top funding priorityPage 10 Cyber Risks and Social Media: Key Takeaways for Boards

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