‘While social media has helped build business empires, errant tweets and posts have destroyed careers,’ says head of MARIM

The rise of social networking has transformed how we view ourselves and how we view the world, while at the same time creating new risks and opportunities, according to chairman of the Malaysian Association of Risk and Insurance Management (MARIM) Mohamad Bin Mohd Zain (pictured).

Furthermore, Zain added, claims professionals and risk managers were increasingly appreciating the significance of social media in claims investigations and the defence of litigation.

Zain, who is vice president of group business assurance at Telekom Malaysia, said that an upcoming MARIM event would provide risk practitioners, academics and industry experts with a forum to discuss the management of the risk of privacy violations and the proper scope of government surveillance on social media.

The ‘Managing risks associated with social media and privacy violations’ conference, the first to be jointly organised by MARIM and the Malaysian Insurance And Takaful Brokers Association (MITBA), will be held at the Ritz-Carlton Kuala Lumpur on 10-11 September.

The two-day event will cover issues such as data protection requirements in Malaysia and Singapore; the impact of the new Personal Data Protection Act (PDPA) on privacy violation; managing employee risks arising from social media and BYOD for insurers and underwriters; social media’s contribution to big data; and security and privacy protection, what it covers and typically paid losses.

Speakers include regional compliance manager at Lloyd’s of London (Asia), Shankar Garigiparthy; partner at Arianti Dipendra Jeremiah, Jeremiah R. Gurusamy; and head of Sterling Insurance Brokers, Halim Bin Jantan.

MITBA chairman Alex Low Choon Hoong said that the conference topic was timely with the recent coming into force of Malaysia’s version of the PDPA.

“As corporate use of social media increases, companies need to consider having in place policies that specifically address social media governance and risks,” he said.

For the full conference programme, go to www.marim.org