On December 11, 2013, the Federal Financial Institutions Examination Council (“FFIEC”) released the article, Social Media: Consumer Compliance Risk Management Guidelines, to educate financial institutions about the risks involved in using social media. There are no additional obligations, however, this Guidance strongly suggests that financial institutions, effective immediately, become educated on the potential compliance, reputation and operational risks as it relates to social media use, and implement these guidelines into their risk management strategy. Credit Unions, like Banks, can benefit from these risk assessment strategies and need to be aware of the reputational damage that can occur via social media as a result of neglecting risk management. Here are the summarized risks that Credit Unions should be aware of and integrate into their risk assessment process:
Fri, Aug 01, 2014
Fri, Jul 11, 2014
It is no surprise that 84% of businesses have now adopted social media to implement an online presence to communicate with customers and overall, increase their brand reach . Whether a small independent business or a large B2B company, it is more evident than ever that businesses who do not build and maintain an online social media presence will get left behind, and evidently lack competitiveness. Having a social media presence offers clear advantages for marketing and sales departments, however, with this comes the disadvantage of having increased social media risks that could potentially harm the company’s brand. Therefore, it is extremely important that businesses adopt a Social Media Risk Plan to manage their reputation online and know how to mitigate potential threats.
Topics: Brand Protection, risk management, defamatory, brand abuse, online brand protection, Reputation Management, Social Media Monitoring, employees social media, online identity, social media, Internet Threats, Risk, internet security, cyber threats
Fri, Jun 27, 2014
In the last 20 years there has been an evolution of cyber threats faced by both businesses and individuals. New technologies and social norms have changed the type and frequency of threats we deal with on a daily basis due to rapidly changing technology including the introduction of the Cloud, the proliferation of personal smart phone use, a push towards social engineering attacks and the ever increasing interconnectivity of technology.
Fri, Jun 20, 2014
It is important for businesses to understand how managing their reputation can influence how a company is perceived by others. Reputation Management was originally a focus for Public Relation departments, but along with the advancement of technology, there has become an increase in number of places for your brand’s image to be affected. The internet, specifically social media sites, has become a major concern for an organization’s search results.
Thu, Jun 05, 2014
The APWG is the global industry, law enforcement, and government coalition focused on unifying the global response to cyber crime through development of data resources, data standards and model response systems and protocols for private and public sectors. When it comes to setting standards for cyber crime response and protocols, APWG is one of the most authoritative organizations in the world.
Tue, May 13, 2014
One of the questions that customers ask BrandProtect most often is about social media policies and monitoring. Luckily, there are many great examples of processes and procedures in parallel areas of business that can be applied to this issue. At BrandProtect, we recommend an approach which is modelled around the “internal audit” procedures used at many companies to assess financial risks. The purpose of internal audit is to ensure that the proper "controls" (procedures and policies) are in place and are effectively being followed. They target “situations” that have a high risk score (high likelihood of happening and a high impact if they do happen). The best Internal auditing practices look not only at abstract metrics (such as incident frequency and risk exposure) but also at a company’s strategic goals – different strategic goals will change a company’s willingness to take on risk. Adding social media activity to the scope of an internal auditing practice will strengthen a company’s understanding of risk exposures that could affect its business.
Here are the main areas where social media can be greatly impacted by the internal auditing team:
1. Brand and Reputation Damage
Mon, Apr 28, 2014
Earlier this month we were all informed that the Heartbleed bug which affected versions of OpenSSL, a widely used data encryption standard had potentially compromised our personal information. Around the world the response was the same “change your password”. Seems like a simple enough solution, but if you are using an unsecure password changing it will not protect you for long. In addition if you did not wait for each website to patch their OpenSSL before changing your passwords, then your new passwords may have already been compromised too.
Do you know where your Logos are? BrandProtect, your trusted partners in Internet Threat Management, does.
Tue, Apr 22, 2014
For over a decade BrandProtect has serviced dozens of clients over a wide spectrum of industries, monitoring the Internet for all sorts of infringements to the online brand. Our primary goal is to become as integrated with our clients’ brand enforcement teams as fully as possible. That way we can better identify the risks to their brand, provide the best advice possible on how to deal with these risks, and, if necessary, intervene on the client’s behalf in the best way possible in order to have the issue resolved.