Niki Neese, VP Account Management
Facebook, Twitter, LinkedIn….these social media avenues are all becoming more popular concepts among financial institutions. The decision to establish an online presence has become a hot topic of conversation lately. However, with an online presence and social media, there is risk associated with it. It is very important to assess the risks before you implement these types of online activities. There has been a trend of cyber criminals moving away from traditional phishing attacks and now trending toward creating malware that allows them to gain access to social networking login information.
We at Safe Systems see four big challenges to managing social media risk:
- Strategic Risk
- Reputation risk
- Residual Risk
Please see a recent article that our Director of Compliance, Tom Hinkel wrote on these above social media risks.
What I’ve seen in the field is many of our financial institution clients have begun to implement social networking in their institution without first addressing and documenting any risk the institution might incur with it. It is imperative that all financial institutions have a documented Social Media Policy to address these risks. Employees must be trained on what the corporate policy for social media is, as well as how to properly use the social networking tools.
Our goal, like the above quarterly topic on social media, is to incorporate topics that address the latest IT trends, goals and challenges for financial institutions and give you the tools and suggested solutions to help meet these common challenges. If you have a specific topic you would like us to discuss, please contact your Account Manager.