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18th of May 2012

News

Operational IT risks and social media are top concerns

Vicky Beckett 24/10/2011

Reputational risk from social media is the main digital concern for 50% of businesses in general, according to a FERMA and IRM survey.
 
However, the answers changed when people were quizzed about their own organisations.
 
Over 186 people participated in the survey from August to September this year, of which 50% of participants also said non-malicious operational IT risks was the highest concern for their own organisation.
 
Operational IT risks to businesses other than their own was listed as a concern by only 41% of people, coming 4th, according to the Federation of European Risk Management Associations (FERMA) and the Institute of Risk management (IRM).
 
43% mentioned theft of customer information as the top concern for their own organisations.
 
Social media risks were third with 42% of people including it among the biggest exposures to their own organisation.
 
21% were concerned about loss of confidential information through social media to their company.
 
FERMA vice-president Michel Dennery (pictured) said that part of the risk manager’s role will be communicating with other functions, such as legal and human resources, which the survey indicated are not often involved, and bring their insights into risk management.
 
“Companies have to learn how to live in this new environment where information is available immediately anywhere, where private and professional life is merging, and where the balance of authority is shifting.
 
“Influential cities have always been located on important communication nodes. The Web provides a global and worldwide open city where companies must take risks for developing their business and preserving their know-how,” said Dennery.
 
Risk managers are unsurprisingly listed as the top role, followed by legal and company secretaries, involved in managing cyber risk with IT security.
 
Meanwhile, HR and investor relations are least likely to be involved in managing the risks.

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Jesse Torres 02/01/2012 8:58am

I wanted to share this social media risk resource. It’s the Human Resources Guide to Social Media Risks. It is available at http://www.bit.ly/hrsmguide. I also recommend the blog posts regarding social media brand ambassadors at http://socialmediabanking.blogspot.com/2011/12/social-media-based-brand-ambassadors.html.

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