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Social media becoming a greater risk for businesses

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The growth of social media for business use has accelerated over recent years and has grown into one of the main concerns for many business owners. A Forbes and Deloitte Insight survey found social media has become one of the top five sources of risk for businesses.

Employers are becoming increasingly concerned about what employees are posting on social media sites and how they are responding to regulatory changes, which is why businesses worried about what their employees are posting should invest in professional liability insurance. These types of insurance policies mitigate risks from negligence claims of clients.

"Social media wasn't even on the radar a few years ago, and we're now seeing it ranked among the top five sources of risk, on the same level as financial risk," said Henry Ristuccia, co-leader of Deloitte's Governance and Risk Management services. "The rise of social media is just another contributor to the volatile risk environment companies are being forced to navigate."

With the amount of social networks and the age of smartphones, it would be wise for businesses to employ a company-wide social media policy.

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