Gone are the days when businesses were hesitant to use social media in the business environment. Today, using social media is not an option, but rather a way of doing business. Social media refers to the means of interaction between people in which they create, share and exchange information and ideas within virtual communities and networks (Wikipedia). There are many types of social media platforms: blogs like WordPress, microblogs like Twitter, video sharing sites like Flickr and YouTube, social networking sites like Facebook, and professional networking sites like LinkedIn (isaca. org). Social media offers many benefits such as increased brand recognition, customer loyalty, marketing channels, 24/7 communication channel, and building personal, professional, and organizational networks. Although social media offers many potential benefits, there are four areas of risk: organizational, data, people and technology. Companies wishing to use social media must adopt a social media strategy integrated into the overall organizational strategy to manage risks, as well as appropriate governance and assurance measures. A social media audit should be carried out to ensure risks are properly identified and controls are adequate to address issues, concerns and risks. Uses/Benefits Social media offers many tangible benefits leading to cost savings and increased revenue. The ability to tweet or post is more cost-effective than placing a paid ad or sending thousands of marketing pieces (adsolutions.yp.com). With advanced advertising tools, businesses can easily tailor their advertisements to target audiences. Businesses can provide better customer service by responding quickly to customer comments, concerns, and questions. Social me...... middle of paper ......ConclusionThe use of social media is becoming very popular, which has important implications for both businesses and individuals. While social media offers great opportunities to interact with customers and business partners in new and exciting ways, there are significant risks for those using this technology without a clear strategy that considers both benefits and risks (isaca.org). Restricting the use of social media to avoid risks is not a viable option, therefore the company must involve all relevant stakeholders to develop a strategy and associated policies to resolve issues arising from the use social media. Since it is an emerging communications technology and businesses are new to using and managing social media risks, an audit should be implemented to properly address concerns and risks related to use of social media..