Social media analytics not being used to full potential in corporate investigations: Deloitte

Social media analytics can help organizations scan for both previously and not-yet identified threats, but these tools are underutilized in corporate investigations, suggest findings of an online poll in the United States released this week by Deloitte Advisory.

In all, the poll shows 45.2% of respondents say they use publicly available social media content when conducting investigations, but only 12.6% use analytics to scour the massive amount of available data, notes a statement from Deloitte.

The figures are based on the more than 2,490 professionals – working in sectors, including banking and securities, technology, investment management, retail and distribution and process and industrial products – who responded to poll questions during a Deloitte webcast this past July.

Social media analytics can help reveal connections useful in fraud and corruption investigations, pre-deal diligence and cyber threat sensing, Deloitte reports.

“Contrary to common perception, cyber incidents and breaches don’t typically happen the same way twice,” Mark Nicholson, Deloitte Advisory principal in Cyber Risk Services at Deloitte & Touche LLP, says in the company statement.

Social media analytics give organizations a means to scan for previously identified threats and potential newer threats. “The power of this level of risk sensing is very compelling, but many companies are still working to develop their capabilities,” Nicholson points out.

Deloitte reports that challenges to using social media analytics identified by poll respondents include lack of budget/resources (21.6%) and lack of leader understanding of its use (18.4%). “In fact, 25.8% of poll respondents were unaware analytics tools designed to collect and analyze publicly available social media content existed at all,” the company reports.

“In the past year or so, new analytic tools have emerged that gather information from publicly available social media content which, in a matter of minutes, can reveal connections that previously may not have been identifiable,” says Wendy Schmidt, Deloitte Advisory principal and leader of Business Intelligence Services at Deloitte Financial Advisory Services LLP.

“We are using this information, along with more traditional public record research, in the context of pending litigation, fraud and corruption investigations, regulatory inquiries, M&A due diligence, and cyber threat sensing,” Schmidt points out.

Regardless of internal investigation type, respondents report low use of social media content, notes Deloitte. Although 21.6% of respondents use social media content for HR-related investigations, few leverage it for transaction support (10.5%), regulatory compliance (8.7%) or litigation support (5.2%).