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iStrategy Chicago Conference 2012 - Social Media Risks Vs. Rewards

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Social iQ Networks and Altimeter Group presentation on Social Media Risks vs Rewards at the 2012 iStrategy Conference in Chicago, IL.

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iStrategy Chicago Conference 2012 - Social Media Risks Vs. Rewards

  1. 1. Social Media Risks Vs. RewardsUnderstanding and avoiding risks in order to achieve rewards foryour brand in social media.
  2. 2.  Introductions Social Media Risk Concepts Tackling Risk Technology Recommendations Conclusion Confidential Slide 2
  3. 3.  Handle objections to social investment Protect your investment Protect your audience Save time – resource – money Don’t be a headline - Reduce crises that impact your brand and your team Confidential Slide 3
  4. 4.  Who – ◦ Experienced Enterprise Software & Security Professionals What – ◦ Solution to discover, audit, and protect brand social accounts How – ◦ Secure, SaaS-based product Confidential Slide 4
  5. 5. 5 Social Media: Balancing Opportunity With RiskAlan WebberPrincipal Analyst@AlanWebber
  6. 6. 6 ABOUT US Altimeter Group is a research-based advisory firm that helps companies and industries leverage disruption to their advantage. Visit us at http://www.altimetergroup.com or contact info@altimetergroup.com.© 2012 Altimeter Group
  7. 7. 7 Pandora’s box Used under a Creative Commons license from Christian Botha via Flickr at http://www.flickr.com/photos/23497519@N06/3868128009/© 2012 Altimeter Group
  8. 8. 8 Social media crises are on the rise© 2012 Altimeter Group
  9. 9. 9 What can happen… March 6, 2012: “Dinner w/Board tonite. Used to be fun. Now one must be on guard every second.” March 7, 2012: “Board meeting. Good numbers=Happy Board.” March 10, 2012: “I am logging off Twitter now because co- workers are looking at me as Im laughing.”© 2012 Altimeter Group
  10. 10. 10 Agenda  Understanding the risks  Putting social media risk management in place  Next steps© 2012 Altimeter Group
  11. 11. 11 Key types of risk Reputation Confidential Info Legal, Regulatory & Compliance Identity Theft© 2012 Altimeter Group
  12. 12. 12 Key types of risk Reputation Internal Confidential Info Legal, Regulatory & Compliance External Identity Theft© 2012 Altimeter Group
  13. 13. 13 Reputation is the highest risk© 2012 Altimeter Group
  14. 14. 14 Every platform is a source of risk© 2012 Altimeter Group
  15. 15. 15 Facebook is the riskiest© 2012 Altimeter Group
  16. 16. 16 The IAME model© 2012 Altimeter Group
  17. 17. 17 Step 1: Identify the risks© 2012 Altimeter Group
  18. 18. 18 Four types of risk  Reputational  Regulatory and compliance  Legal and privacy  Operational© 2012 Altimeter Group
  19. 19. Organizational reputation risk  Damage to the brand reputation  Results in a loss of trust and credibility  Can lead to other significant losses© 2012 Altimeter Group
  20. 20. 20 Kenneth Cole receives mass backlash for insensitive #Cairo tweet and quickly retracts© 2012 Altimeter Group
  21. 21. 21 But not before spoof PR Twitter account is created and bad press spread with hashtag© 2012 Altimeter Group
  22. 22. Regulatory and compliance risk  Violations of government and regulatory agency rules and and guidelines  Primary result is financial penalty or similar government imposed sanction  Can lead to reputation degradation© 2012 Altimeter Group
  23. 23. Novartis gets slapped by FDA© 2012 Altimeter Group
  24. 24. Legal and privacy risk  Result in the organization failing to take a necessary action that results in harm  Often these are privacy issues or release of confidential information© 2012 Altimeter Group
  25. 25. Operational risk  Can compromise the operations and security of an organization  Includes • Reduced employee productivity • Release of IP • Malware • Social engineering • Digital business continuity© 2012 Altimeter Group
  26. 26. 26 How to identify potential risks  Review historical activities  What are you hearing  Learn from others  Create a social media risk library  Review the risks of new activities  Look at platform shifts© 2012 Altimeter Group
  27. 27. 27 Step 2: Assess the risks© 2012 Altimeter Group
  28. 28. 28 Companies don’t assess their social risk© 2012 Altimeter Group
  29. 29. 29 BofA fee debacle: what happened? How this Led to this Which led to this Sources: TIME, New York Times© 2012 Altimeter Group
  30. 30. 30 BofA fee debacle: Twitter exploded There was so much buzz that “Debit card fees” was a trending topic Source: Huffington Post, “Bank Of America Debit Card Fees: Twitter Reacts”© 2012 Altimeter Group
  31. 31. 31 BofA fee debacle: a real business impact In a TIME poll, 75% of nearly 1,000 Bank of America customers said they’d switch banks. According to J.D. Power’s director of banking services, roughly two-thirds of people who say that they plan to switch banks actually do so. The bank’s stock dropped by more than 3.5 percent the day after the fees were announced. Source: TIME, “Bank of America Backlash: Consumers React to Debit Card Fee”© 2012 Altimeter Group
  32. 32. 32 Assessing a social media risk Component Subcomponent Likelihood Catalyst Opportunity Motive Reputation Impact Availability Legal/Compliance© 2012 Altimeter Group
  33. 33. 33 Four steps to assess a risk 1. Rate the likelihood 2. Rate the potential impact 3. Rank the risks 4. Prioritize efforts and resources© 2012 Altimeter Group
  34. 34. 34 Scoring the social risk© 2012 Altimeter Group
  35. 35. 35 Step 3: Mitigate and manage© 2012 Altimeter Group
  36. 36. 36 Six steps to social media risk mitigation 1. Understand how to make decisions 2. Put governance in place 3. Staff with dedicated resources 4. Put the right policies in place 5. Train employees on boundaries 6. Deploy necessary tools© 2012 Altimeter Group
  37. 37. 37 Have a decision making structure© 2012 Altimeter Group
  38. 38. 38 Have a governance model established© 2012 Altimeter Group
  39. 39. 39 All the right components of the organization need to be included Marketing Human Resources Legal and Compliance Social Media Risk Mgt. IT and IS Comms and PR Security and Risk Mgt© 2012 Altimeter Group
  40. 40. 40 Have the right policies© 2012 Altimeter Group
  41. 41. 41 Define expectations for associates with an internal Social Media Policy Examples of Social Media Guidelines created by Intel and Cisco© 2012 Altimeter Group
  42. 42. 42 And make sure they are up to date© 2012 Altimeter Group
  43. 43. 43 Train employees on the boundaries© 2012 Altimeter Group
  44. 44. 44 Put the right tools in place Listening and Monitoring Social Media SMMS Compliance© 2012 Altimeter Group
  45. 45. 45 Step 4: Monitor and evaluate© 2012 Altimeter Group
  46. 46. 46 Putting evaluation in place  Listen and learn  Review mitigation efforts and strategies when • Entering a new channel • Emergence of a new technology • Identification of a new threat  Go back to start© 2012 Altimeter Group
  47. 47. 47 Next steps: 1. Make social media risk a board issue 2. Learn from past crises 3. Review your own responses 4. Test your ability to respond© 2012 Altimeter Group
  48. 48. ① Address Account Sprawl Inventory & Audit Your Brand Accounts +② Protect / Lock Account Access Which admins What Publishing Apps (never just 1) What known good profile +③ Compliance, Security, and AUP Policies Auto-moderation for bad / dangerous content Enforce policies regardless of publishing app Use incident notification, archiving, and remediation for posts, comments, tweets, etc. Slide 48
  49. 49. 49 THANK YOU Alan Webber Devin Redmond alan@altimetergroup.com devin@socialiqnetworks.com roninresearch.org socialiqnetworks.com Twitter: alanewebber @SocialiQNet© 2012 Altimeter Group

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