Public trust is critical to the stability of financial institutions. However, financial institutions are increasingly coming under attack from hackers, impacting the reputation of an institution with lasting effects. Accordingly, financial services organizations are making massive investments in their cyber security infrastructure. However, a recent article in Wall St. Journal documents how social media has become a means for hackers to identify vulnerabilities and engage in social engineering attacks despite the cyber security efforts.
Furthermore, financial services is an industry replete with rumors. These rumors include reports of regulatory violations, pending legal actions, hacking incidences, and more. Whereas in the past, we often saw social media as a means for spreading messages from traditional media, this trend is rapidly reversing and information found in social media today is on the front-page of newspapers tomorrow.
- Given the sensitive nature of financial institutions and the importance of preserving public trust
- It is critical for financial services organizations to be aware of rumors that may be circulating before they are picked up by trade journals or even national news organizations
- This way, they can shape the narrative in a way that minimizes damage.
OssaLabs enables risk management departments of financial institutions to closely monitor social media activity that may expose the organization in ways that can be harmful. OssaLabs can provide critical information in times of crisis to help control the narrative and stay ahead of the news cycle.
In the event of a hacking attack, there may be distinct groups discussing different aspects of the attack in social media. These distinct groups may need to be engaged with different messages. For example, people interested in network security may be discussing technical elements of the attack, those interested in financial markets may be discussing the financial impact, and others may be interested in the legal exposure the hacking incident may have on the institution in terms of possible regulatory violations or civil actions. OssaLabs can help the institution understand the context of these discussions, who is having them, and who the key influencers are in these groups so that proper and timely responses can be formulated to maintain trust and reputation.