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The Global Business Environment of Social Media

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Added on  2021-02-19

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Global Business Environment ESSAY 3 REFERENCES 5 1 ESSAY Today, social media firms are playing a major role in influencing peoples lives. United Kingdom's government has also been taking initiatives for protecting people's data such as they recently made Data protection act, in the year 2018 which actually gives the users of such social media websites more control over the data they are sharing and posses control over these social media firms regarding the usage of data of their users. If such social media firms

The Global Business Environment of Social Media

   Added on 2021-02-19

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Table of ContentsESSAY.............................................................................................................................................3REFERENCES................................................................................................................................5.........................................................................................................................................................1
The Global Business Environment of Social Media_2
ESSAYToday, social media firms are playing a major role in influencing peoples lives. Everyonewants to get associated with social media . The number of social media users have increasedfrom 1.47 billion in 2012 to 1.73 billion in 2013. Among fortune 500 firms, 77% have activetwitter4 accounts ,70 % have Facebook pages . Over 90% US companies now are preferringsocial media for recruiting (Hamilton and Webster, 2018). Social media are nowadays helping inbranding, marketing, advertising, servicing, grievance handling and corporate communications.Social media platforms seem attractive but there are many types of risks associated with it suchas strategic risk, business risk, regulatory risk, legal risk and market risk. These risks can lead toserious negative consequences including fraud, intellectual property loss, financial loss, privacyviolations and failure to comply with laws and regulations. Risks in social media are difficult tobe quantified. Regulation are now being imposed by the government. Authorities has made itimportant to ensure greater transparency for the themselves as well for the users of such socialmedia platforms by such companies. There are chances that Facebook at the scal;e where it ispresent today may make some form of pollution. For this government is making norms to levypenalties on such companies.United Kingdom's government has also been taking initiatives for protecting people's datasuch as they recently made Data protection act, in the year 2018 which actually gives the users ofsuch social media websites more control over the data they are sharing and posses control overthese social media firms regarding the usage of data of their users. The government there iswilling to set up an industry to make their initiative successful on a long term basis. If suchsocial media firms are unable to remove any kind of violent content then it may lead to heavypenalties being paid by such companies . Also new set of regulations have been made whichinclude fines , blocking down of sites and senior management getting affected if these companiesfail to protect the people who are using such sites. The main aim of the Government is to makesuch companies more concerned about any kind of harmful content being shared on theirplatforms. Attempts are being made by the UK government to create a new regulatory body inorder to ensure that these firms are complying to such rules and regulations being formulated bythe government. These attempts on the part of government play a very important role in protecting theusers of such social media platforms. Every information being shared by such users because of
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