Nov 24, 2011
In this ACE USA Professional Risk Podcast, ACE Group experts explore the risks companies face from engaging in social media activities.
Toby Merrill, Vice President within ACE Professional Risk’s Technology and Privacy Liability division. Toby is based in Philadelphia.
Ken Latham, Vice President within ACE Professional Risk’s Employment Practices Liability division. Ken is based in New York City.
Richard Santalesa, Esq., Senior Counsel with InfoLawGroup LLP. Mr. Santalesa is also based in New York City.
In less than a
decade, social media seems to have “taken over the world.” As one
of the largest social networking sites, Facebook® boasts more than
750 million people actively using its service, with more joining
every day. However, the vast majority of companies did not
immediately join the social media revolution. Instead, they
observed from the sidelines. But when the first wave of
companies did join, it was because they anticipated the significant
business benefits of “this brave new world” – where the personal,
the professional, and the commercial combine seamlessly, and in the
blink of an eye.
ACE recognizes that social media has created a whole new world of privacy, security, intellectual property, employment practices, and other legal risks. In this podcast, we will discuss the business benefits of social media participation, and how the cost of non-participation – or opting out – could mean anything from losing business to losing touch with your customers. We will also provide risk managers and business owners with some background on the risks of social media participation, discuss a few basic steps to address a company’s social media risks, and provide a roadmap to help make social media work for their company. Most important, we’ll explain why a coordinated approach to managing the risks and liabilities when using social media is an essential best practice.
You can download the free white paper on this topic by visiting the ACE USA website, click on "ACE Progress Reports, and then on the report entitled, "Social Media: The Business Benefits May be Enormous, But Can the Risks – Reputational, Legal, Operational – Be Mitigated?”