Risks Associated with Social Media
Social media is a powerful tool when growing a business. Ensuring your company understands the associated risks is extremely important in achieving success through the various platforms.
The following are a few risks to be aware of if your business uses social media.
Data Collection
Social media allows extreme amounts of data to be shared and collected. If you choose to collect customers’ and potential customers’ data, you will need to be sure that it’s stored securely. Allowing consumer data to get into the wrong hands is a quick way to expose your business to risk.
Cybersecurity
Hackers may target your company’s social media profiles. It’s crucial to change passwords often and be aware of any malicious links in messages sent via social media. If a cybercriminal gains access to your accounts, it may compromise data and damage your business’s reputation.
Reputation
Do all of your social media posts align with your brand? Your reputation is always at stake when creating online content. Making sure your business has a social media plan that reinforces brand awareness and upholds company values is paramount.
Also, be sure only to allow select employees to operate social media accounts and keep an eye out for fake accounts trying to impersonate your business.
Content Rights
Content rights become extremely important when your business is active on social media. You need to understand who has the rights to any photos, videos, music, etc., your company uses in social media posts to avoid a lawsuit.
Protecting Your Business
Protecting your business starts with making sure your organization has the proper cyber liability insurance. Depending on your social media activities, your insurance agent will tailor your policy to protect your company from potential risks.
Please contact Steve Longenecker (303-808-9351, x2) at Mountain Insurance: Longmont to discuss your business insurance coverage options in Longmont, CO, and our neighboring communities.
We give out $25 gift cards for referrals that become our insurance clients.
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