Your assignment is to prepare and submit a paper on the power of social media. Apart from the changes in the state of the world’s technology, this development is also an indication of the changes in people’s responsibilities. In recent years, social media has burst out into becoming a classification of online discourse in which people or “audiences” are enabled to create, to share, and network information or content to everyone in the world at a remarkably high-speed rate. There are various examples of social media: Facebook, Twitter, and MySpace to name a few. Owing to its accessibility and speed, social media is quickly shifting the public dialogue in the community and establishing trends and agenda in subject matters that range from economics and politics to fashion and entertainment. Seen this way, the influence of social media in shaping public opinion and relaying information continuously rises. Nevertheless, this development comes with it an array of corresponding conditions as the growing influence of social media gives the world audience new rights, responsibilities, and risks.
Ease of access to media does not mean everyone is allowed to do everything as they wish. Just like any other platform of information dissemination or any legal mode of enterprise, self-imposed limitations should be implemented. These are founded on the risks associated with social media (Thompson et al. 2011). Social Media allows the “creation and exchange of user-generated content” (Kaplan and Haenlin 2010). thus, the information that is created and relayed may extend from general or public to personal information. This presents a disturbing find in that social media is linked to the internet that is a public domain and the information shared, whether it is personal or public information may be shared without interception or obstruction.
In the corporate world, many of the senior financial executives believe that there are latent risks associated with social media (Thompson et al. 2011). Nevertheless, there are also those who believe that the risks involved will be compensated or, at least, counterbalanced by the benefits of engaging in social media. In a survey sponsored by the Grant Thornton LLP, it has found several most important social media risks: (1) disclosure of propriety information. (2) negative comments about the company. (3) exposure of personally identifiable information. (4) fraud. and (5) out-of-date information.