Now that consumers have migrated to social media platforms, organizations that embrace social media are vastly outperforming the market. However, the parallel migration of hackers and scammers to social media is a growing problem. Security provider Zerofox’s research team found that for every 1 scam post remediated, 3 new ones are created. As social media becomes a staple of many corporations communication, it has also led to a new avenue for cyber criminals to exploit. Social media cybercrime is born.
A costly risk
In response to this new threat landscape, there has finally been an alignment between corporate value creation and organization’s understanding of the cost associated with risks. According to Forrester Research, surveyed business decision-makers listed information security and privacy along with reputational risks, above risks associated with compliance, finances or operations.
Social media cybercrime
The social technology landscape is evolving because of the new risks that come along with social media. There are many solutions for publishing on social media, listening to conversations and analyzing social data. Solutions like Hootsuite, OBI4wan, Brandwatch and Sprinklr are very commonly used by brands. What was missing are solutions monitoring and remediating the risks of social media. A new area of social technology is born and is evolving fast.
To leverage social media cybercrime can be an understandably challenging obstacle to fully understand. With cyber criminals coming up with new techniques daily, it is important to know what the risks are associated with social media. If you’re interested to learn more, I recommend to check out this report to understand what risks your company is at.
If you want to have a personal conversation about the risks of social media for your organization and how to remediate them, I’m more than happy to discuss. Reach out and we’ll be in touch soon!