NEWS16 April 2013

PwC: Brand reputation worries go up on social media rise

North America Technology

US — Social media is likely to cause concern over brand or reputational damage, according to consultants PwC’s Risk in Review Report.

More than 40% of survey respondents said that social media was likely to put them at risk in the next 18 months.

The report said that the issue was “especially pressing for banks which face tighter regulations regarding the marketing of their products and services over social media”.

As a result more businesses than ever will be using social media to reach stakeholders and track opinion to identify intellectual-property, reputational and brand-value risk, according to PwC.

PwC found that the use of intellectual-property, reputation and band-value audits will double over the next 18 months.

Leader of PwC’s US risk assurance practice Dean Simone commented: “In today’s unpredictable environment, companies need techniques to anticipate unknown risks and structures that are resilient to risks when and where they occur.”