The social media platform HootSuite announced a service that purportedly provides organizations with greater compliance...
By submitting your email address, you agree to receive emails regarding relevant topic offers from TechTarget and its partners. You can withdraw your consent at any time. Contact TechTarget at 275 Grove Street, Newton, MA.
controls over Twitter and the like. I'm wondering what kind of compliance problems are introduced by social media though. There are many social media accounts within my organization, but I don't think we've really given much thought to these possibilities.
The financial industry's obligations under the Sarbanes-Oxley Act are the most commonly cited requirements when considering social media compliance. After all, unless a user tweets credit card numbers or personal health information, it's hard to run afoul of most regulatory obligations on social media because the two don't commonly intersect. If your company is regulated by Sarbanes-Oxley, or has other restrictions on corporate communications, social media should definitely be integrated into the compliance plan.
Services offered by HootSuite and competitors including Smarsh and Globanet attempt to meet two important compliance requirements for social media accounts. First, they create a searchable archive of social media activity, allowing firms to meet regulatory requirements to permanently store communications. Second, they allow for the use of a separation-of-duties approval process, where social media communications may be reviewed and approved by compliance staff prior to release. This reduces the likelihood that an inadvertent tweet from a staff member will jeopardize the firm's compliance.
Think that social media compliance isn't a major risk? Mark Grimaldi, president of Navigator Money Management, Inc. would disagree. In January 2014, the Securities and Exchange Commission determined that he was making false and misleading claims about his investment firm on Twitter and slapped him with a $100,000 fine. That's some serious cash!
Ask the Expert!
Got a vexing problem for Mike Chapple or any of our other experts? Ask your enterprise-specific questions today! (All questions are anonymous.)
For more advice on social media compliance, see this expert's answer!
Developing social media compliance policies? This article can help.
Dig Deeper on Social media security risks and real-time communication security
Related Q&A from Mike Chapple
The rights of medical identity theft victims have been confused by health providers, but the rules under HIPAA are actually quite clear. Expert Mike ...continue reading
The New York State Department of Financial Services announced plans to increase cybersecurity regulations for financial firms. Here's what they need ...continue reading
Smaller organizations have a tougher time handling the compliance burden, specifically from the PCI DSS requirements. Expert Mike Chapple has some ...continue reading
Have a question for an expert?
Please add a title for your question
Get answers from a TechTarget expert on whatever's puzzling you.