Join our subscribers
How social media could ruin your business
Tuesday, July 9, 2019
n May, for example, shares in the UK's Metro Bank plunged 11% before it could shake off inaccurate social media rumours that it was facing financial difficulties.
And according to Ilia Kolochenko of Geneva-based internet security company Immuniweb, the consequences could potentially be much worse.
'Dropping a bomb'
"Hackers can cause huge damage if they can find a way to post fake news on social media," he says.
"Imagine if they managed to hack into the BBC accounts and post a story about Iran dropping a nuclear bomb.
"The effects could be devastating - especially if other news networks picked up the story." Social media posts don't have to be inaccurate to damage your brand, though. Sometimes, the truth hurts too.
In 2016, battery manufacturer Samsung SDI's market value plummeted by more than half a billion dollars when Tesla boss Elon Musk tweeted that the company was working with Panasonic on its next electric car.
If not properly thought out, your own posts can also cause problems, as US bank Chase found out earlier this year when it was accused of "poor shaming". It published a post suggesting customers with low bank balances save money by avoiding taking cabs and buying coffees.
Stealing your good name
Other threats include fraudsters taking your brand name in vain.
"Creative crooks often exploit big companies' names to run social media scams," Mr Kolochenko says.
"For example, they might set up an 'Amazon India Support' account on Twitter and ask customers who contact them about missing parcels to pay a customs fee." Read Full Article
IT World Canada: UK regulator proposes fining British Airways a record CDN$300 million over data breach
Help Net Security: British Airways is facing £183 million fine for 2018 data breach
