Examining Social Media Risks in Banking: Insights from ThoughtLinks' Sumeet Chabria

"Social media risk was primarily reputational, but now it has led to deposit flight risks, which are existential,"

Sumeet Chabria, founder of ThoughtLinks

The collapse of Silicon Valley Bank on March 10, 2023, exacerbated by social media rumors, has stirred the banking sector into re-evaluating the risks associated with online platforms.

ThoughtLinks' CEO, Sumeet Chabria, highlights a shift from viewing social media as merely a reputational risk to having existential impacts, emphasizing the urgent need for banks to incorporate learnings into their risk management frameworks.

Read the original article, 'Focus: US Banks Rethink Social Media as a Threat, Not a Marketing Tool,' on Reuters.