BITS Releases Social Media Framework for Financial Services

BITS, the technology policy division of The Financial Services Roundtable, has released “Social Media Risks and Mitigation,” a framework for financial institutions adopting social media and a guide to managing related security risks.

“Financial services customers are using social media and demanding that institutions have a secure and prudent presence there,” said Andrew Kennedy, BITS’ social media lead.

Of BITS members, 65% of organizations employ at least one Twitter account and 44% professionally maintain a Facebook page.

Recognizing that social media issues span legal, compliance, marketing, communications, IT and human resources departments, the paper provides an enterprise-wide view of policies, practices, communications and risk management strategies.

“We hope the white paper will offer valuable insights for financial services companies that want to use social media to enhance their business competitiveness while also adhering to industry compliance and ethical standards,” said Susan Rivers, vice president of corporate communications for BNY Mellon Corporation.

BITS Social Media Risks and Mitigation Paper

The Roundtable’s Social Media Fast Facts

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