The use of social media has been quite prevalent in the past few years, especially in the business world. With millions, if not billions of people signing up on various social media platforms, it only makes sense for businesses to work on their social media presence to attract more customers. Businesses from a variety of industries wasted no time in creating their official social media accounts to keep up with the times and advertise their products and services to a global audience.
While having a social media presence can be incredibly beneficial for businesses, it has some risks too as companies can become targets for hackers and cybercriminals. These people are always trying to gather your information so they can use it to damage your reputation, steel digital assets or your money. Does this mean companies should steer clear from promoting their products and services on social media? Absolutely not. Instead, they should consider taking safety measures to ensure their information and content is safe from hackers and malicious actors.
Why Having a Social Media Presence is a No Brainer for Businesses
Social media has changed the business playing field in more ways than one. It would be fair to say that it is arguably the most vital part of digital marketing, providing a wide range of benefits to help businesses reach millions of people across the globe. So, whether you own a big company or a small business, it is vital to know the importance of utilizing social media. If you have a well thought out social media strategy, you can receive the following benefits:
- Improved ROI
- Increased audience
- Improved reliability
Now, let us look at some other reasons that prove why a social media presence is a no brainer for businesses.
It Can Help Build your Brand
Social media is the best method for digital marketing and can greatly improve any organizations visibility and number of customers, allowing them to reach a global audience.
Engagement on Multiple Channels
Another reason why businesses should make use of social media is its ability to advertise on multiple platforms like mobile phones and other digital devices.
Improved Brand Loyalty
Having an online presence allows businesses to interact with their customers. The more companies interact with their audiences, the more reliable they look. Since so many people have social media accounts these days, it only makes sense for businesses to create profiles on multiple social media platforms, making sure customers can reach out to them easily.
The Risk of Social Media For Businesses
While there is no denying that having profiles on multiple social media platforms can be quite beneficial for businesses, there are certain risks worth keeping in mind. As mentioned before, hacking, phishing and other cyber security risks are quite prevalent these days. Believe it or not, plenty of high profile businesses have been targeted by hackers in the past few years.
1 out of 5 businesses will get hacked on social media
According tobusiness tech weekly magazine, 1 out of 5 businesses' social media accounts will get hacked. This stat leaves the businesses exposed to reputational damage, loss of data, exposure of intimate conversations with clients on social media, and too large financial damages, which can destroy many businesses that rely on social media.
The Bored Ape scandal earlier this year is enough to suggest that companies need to improve their social media security so they can remain protected from the bad actors looking to commit cyber-attacks. The NFT brand lost millions of dollars due to this hacking incident. No matter how big or small your company is, it is vital to ensure it is secure from such threats as people with bad intent are always lurking in the shadows.
Hacking is only the tip of the iceberg
Besides hacking into the business's social media accounts of the business, there are many more risks for businesses. The threats on social media for businesses are varied, as you can see below:
Impersonation of businesses on social media refers to the practice of creating a fake account or profile on a social media platform that pretends to be an official account of a business or organization. The goal of this type of impersonation is often to scam people or to damage the reputation of the business.
Impersonation of businesses on social media can take many forms. In some cases, the impersonator will create a fake account that looks very similar to the official account of the business. This can include using the same profile picture and using a similar username. The impersonator will then use this account to post fake offers or deals, or to ask people to send money or personal information. In other cases, the impersonator will create a fake account that is specifically designed to damage the reputation of the business. This can include posting false or misleading information about the business, or leaving negative reviews and comments on the business's social media pages.
Impersonation of businesses on social media can be damaging to both the business and to individuals. For businesses, impersonation can lead to lost sales and revenue, as well as damage to the business's reputation. For individuals, being scammed by an impersonator can lead to financial loss and personal harm.
Bots & fake followers
Bot attacks on social media pages of businesses refer to the use of automated software or "bots" to target and disrupt the social media pages of businesses. These attacks can take many forms, but often involve flooding the business's social media page with fake comments, likes, or followers in order to overwhelm the page and make it difficult for the business to manage.
Bot attacks on social media pages can be damaging to businesses for a number of reasons. First, the sheer volume of fake comments, likes, and followers can make it difficult for the business to engage with its real customers and followers. This can lead to lost sales and revenue, as well as damage to the business's reputation. Second, bot attacks can also make it difficult for the business to monitor and respond to legitimate customer complaints or concerns. This can lead to further damage to the business's reputation, as well as potential legal liabilities.
Loss of data
The loss of data on social media can be damaging to businesses for a number of reasons. First, it can result in the loss of important business information, such as customer data, financial records, and proprietary information. This can lead to financial losses, legal liabilities, and damage to the business's reputation. Second, the loss of data can also make it difficult for the business to engage with its customers and followers on social media. This can lead to lost sales and revenue, as well as damage to the business's reputation.
Platforms may ban a business's account for a number of reasons, including violations of the platform's terms of service, such as posting illegal or offensive content, or engaging in spamming or other abusive behavior.
How Can Business Protect their Social Media Accounts
Let’s discuss some safety measures companies can take to protect their social media accounts:
Many people underestimate the importance of having a strong password. More often than not, companies choose easy and small passwords that cyber criminals are easily able to guess. These criminals can cause irreversible damage to your social media profile, which is why it would be best to choose a password that at least has 12 characters, and to diversify your passwords across all platforms.
Using Two Factor Authentication
Two factor authentication is arguably the most effective way to protect your business from cyber criminals. Unlike regular passwords, two factor authentication confirms the identity of the account holder through a confirmation code, adding an extra layer of security. While this process takes a few more minutes, it is definitely worth it to make sure your business’ digital assets are safe.
Choosing a Professional Cyber Security Service
If your company has a social media account, securing it is vital. This is where Smip comes in handy as we can provide hacking and phishing alerts to make sure your company’s reputation remains safe, in addition to a plethora of safety and protection features as well as our 24/7 state-of-the-art monitoring AI technology. Smip removes the burden of worrying about your social media security so all you have to focus on is growing your business!