According to Eisner Amper’s sixth survey of boards of more than 300 publicly traded, private, not-for-profit and private equity-owned companies, while the majority of board members say reputational risk is the most important concern they face, 37% do not have a solid protection plan in place for a reputational crisis.
What’s more, only 6% of boards feel as though they are well-versed in social media risk, and 67% of organizations are not engaging external consultants to monitor social media.
“Over the six surveys we’ve conducted, the trend is that reputational risk ranks as the top concern,” the report stated. “Because social media is linked to a company’s reputation and image, organizations and boards should consider social media as one of the most important risks to manage and monitor (as well as a tool to use to combat the same).”