Social media is playing an increasingly important role in global business marketing strategies – and for good reason. Social media has helped build international brand awareness, provide a new level of customer support and launch new products and ideas quicker than ever before.
However, as quickly as social media can build a global brand, it can tear one down at the hands of malicious insiders or hackers. And there’s money in it too. A recent report from Rand Research suggests that stolen Twitter accounts are now worth more than stolen credit cards. As cybercriminals become more sophisticated, they are also becoming more adept at stealing social media credentials and taking over accounts. We witnessed this from the hacks of several global organizations over the last year. For businesses, account takeovers can lead to the unauthorized publishing of confidential information, such as intellectual property, legal, regulatory and compliance violations, disclosure of personal data and identity theft. The results can produce lasting, compromised brand reputations and significant financial losses.