NEW YORK, Oct. 13, 2015 /PRNewswire/ -- Nearly half of those polled (45.2 percent) use publicly available social media content when conducting investigations, but only 12.6 percent use analytics to scour the massive amount of available data, according to a recent Deloitte poll.
"Since most people are willing to share a lot online, there's an abundance of social media content out there," said Wendy Schmidt, Deloitte Advisory principal and Business Intelligence Services global leader, Deloitte Financial Advisory Services LLP. "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. 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."
Mark Nicholson, Deloitte Advisory principal in Cyber Risk Services, Deloitte & Touche LLP, added, "Contrary to common perception, cyber incidents and breaches don't typically happen the same way twice. Social media analytics can help organizations scan for previously identified threats — as well as potential newer threats that have previously not been recognized. The power of this level of risk sensing is very compelling, but many companies are still working to develop their capabilities."
Challenges to using social media analytics include lack of budget/resources (21.6 percent) and lack of leader understanding of its use (18.4 percent). In fact, 25.8 percent of poll respondents were unaware analytics tools designed to collect and analyze publicly available social media content existed at all.
Regardless of internal investigation type, respondents reported low use of social media content. Roughly one-fifth (21.6 percent) use social media content for HR-related investigations. However, few leverage it for transaction support (10.5 percent), regulatory compliance (8.7 percent) or litigation support (5.2 percent).
About the online poll
More than 2,490 professionals responded to poll questions during a July 14, 2015 webcast, titled "Social media analytics, corporate investigations and litigation: What relationships now reveal." Respondents work in a range of sectors including banking and securities; technology; investment management; retail and distribution; and process and industrial products. The Deloitte Dbriefs webcast is archived online.
About Deloitte Advisory
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As used in this document, "Deloitte Advisory" means Deloitte & Touche LLP, Deloitte Financial Advisory Services LLP, and Deloitte Transactions and Business Analytics LLP and their respective subsidiaries. Deloitte Transactions and Business Analytics LLP is not a certified public accounting firm. These entities are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.