Social Media's Effect on the World Economy

The assignment will describe about positive and negative aspect of social media on internet. Moreover, it will be discussed about challenges and measures of security and privacy. Along with it, 2 social media application and features will be explained. Get Assignment Examples? Talk to our Experts!

Positive and negative aspects of social media on the internet

Social media refers computer mediated technologies which facilitates creation of data or information. There are several businesses who are making an effective use of social media in order to expand their business and operating business activities effectively. Not only businesses, there are several other sectors and areas in which social media is being usedsuch as education, daily lives and other. Social media is having great positive and negative impact on internet to the great extent. Internet is a network which allow social media to perform its activities. Without internet or network, people cannot interact with each other or cannot make an effective use of social media platforms (Allcott and Gentzkow, 2017). There are some positive impacts which social media is having on internet such as:

Increasing use of internet and network

Social media and its platforms are one of the main sources and factor which is increasing uses of internet. For example: There are many people who use their network for running social media, or they spent their lot of network or internet on social media. Many businesses make an effective use of internet on promoting their products on social media platforms. So, it can be said that social media and it's all platforms like Facebook, Instagram are one of the main reason for which people use internet. So, it is one of the main positive impact of social media on internet. Social sites have supported in increasing use of internet, earlier people were not so friendly with internet but now social media has made them engaged with the internet. They are using social sites with rapid speed an spending more time on it hence it has increased use of internet to great extent (Allcott and Gentzkow, 2017).

Global access to communication

In the context of internet, it can be said that one of the main purpose of it is to provide global access to communication to people and make them able to interact with each other effectively. besides that, people are globally connected to one another on single platform. For gaining access of any data or info, people can easily find it on internet. For example - treatment of disease, precaution, recent news, etc. However, government and companies share news and create awareness with help of social media platform (Allcott, Gentzkow and Yu, 2019). So, it is positive impact of social media on internet as communication has become easier.

Negative aspect of social media

Hacking - there is a high rise in cases of hacking through social media. It has provided an opportunity for hacker to steal personal and confidential data and info of people. There are number of cases been identified of hacking data. As more and more people are using social media and share data with one another. So, for cases of hacking people as well as business, social media is the reason (Anderson and Jiang, 2018). Thus, due to social media hacking has increased on internet. It has impacted by interpreting privacy and stealing of data and information.Ask for Econometrics Assignment Help from our experts!

Cyber crimes - It is another negative aspect of social media on internet. With rise in hacking, cyber crimes are also increasing (Allcott and Gentzkow, 2017). So, it has resulted in negative impact. In addition to it, crimes such as bank fraud, privacy issues, unethical issues, etc. has occurred due to social media. Moreover, many businesses have also suffered from cyber crimes. Therefore, now companies have taken strict measures related to prevent cyber crimes. Also, people have decreased the use of social media and internet as they have become aware about cyber crimes.

Challenges and measures of security and privacy

With increase in use of social media there are certain challenges and security issues (Allcott and Gentzkow, 2017). Also, it has provided a platform for hackers to steal personal and confidential data of people and use it for financial gain. The users are not aware about their data been hacked. Furthermore, security measures installed are of no use due to technological development. There is various types of security challenges and each one impact in different way (Social media threats, 2017). They are as follows :-

Cyber crime

It is a common security issue and challenge faced by people in recent times (Felix, Rauschnabel and Hinsch, 2017). The cyber crime is computer related that involves use of computer and network to steal confidential info. In this main purpose is to gain personal data or info of any business or individual for financial gain. Here, hackers hack data through unauthorised access in the network or in computer server. Currently, many countries are facing issues of cyber crime and is not able to control it. Besides that, usually social media platform such as Facebook, Instagram, etc. are been used for cyber crime. The hacker uses several types of strategies and tactics. The strong passwords set are easily cracked. So, there are some prevention measures that can be used to stop cyber crime. For example- setting of password with special characters. In addition to it, use of firewall in order to prevent unauthorised access. Besides this, use of personal e mail and ID and changing passwords frequently to ensure id is protected (Allcott and Gentzkow, 2017).

Phishing

This is also an issue as well as challenge in use of social media. However, it is been faced by companies and individuals. It is a crime which involve stealing of information like credit card details, PIN, account no, etc. while doing transactions. For this, hackers make a fake ID and ask for details to customers (Harrigan, Evers and Daly, 2017). Basically, phishing is done for financial benefit. Here, during transaction, the process is broken down with use of virus that enable in stealing confidential data or info. This results in loss of money or ending up in failure of process. Thus, there are some measures that can be taken. In this business or third parties can use anti malware software to prevent hackers. Furthermore, anti virus software can be installed to block any malicious attack. Want to get Assignment help? Talk Our Expert Now!

Spyware

It is similar to phishing where hacker try to steal data and info and damaging the system or server (Allcott and Gentzkow, 2017). Here, focus is on obtaining details of debit card, person account info, password to gain it for financial purpose. In this personal records are been targeted either on social media or large database. For this, hackers make a fake ID and ask for details to customers. Also, trojans are installed by sending an e mail. It enables in accessing useful information by sending a reply of that mail. There are certain measures available which can be applied. By installing anti virus software will benefit in preventing spyware attacks (Hjorth and Hinton, 2019). In addition to it, by using updating OS and software will be useful in automatically securing trojans to enter.

Malware attack

It is an issue and type of cyber crime in which data and info is steal or hackers try to access it by entering it into computer systems or servers. For this they install malware software in device or in applications (Allcott and Gentzkow, 2017). Thus, it becomes easy to make things for hacker to gain access of data and info. Malware attacks has highly impacted on network and social media. For preventing this, system software and application can be regularly updated. This will be useful in identifying malware and removing it from system. Along with it, operating system must be updated to improve security.

Example of social media and its difference in features and applications

There are many types of social media application used by people. Also, new and advance application are emerging. Each one differs in features and use (Allcott and Gentzkow, 2017). The two application example is explained as:-

Yes, social media can be an effective communication tool. With help of it, people can directly interact with others. They can share news, opinions, views, etc. of useful information on various platforms (Allcott and Gentzkow, 2017). Apart from it, by accessing it all around the world, communication can be done. In addition to it, news feed and other things can be shared and viewed on single platform. Through this way social media is communication tool for people.

CONCLUSION

From report it is summarised that social media has allowed people to communicate with others around the world. It has provided a platform for business to interact and engage with their customers. The positive aspects of social media on internet are increasing use of internet and network. increase in communication, etc. and its negative aspects is hacking, cyber crimes, etc. Also, there are several challenges and measures of security such as phishing, spyware, malware attack, etc. Moreover, Facebook and Instagram features differs from one another along with its application.

Read More - Business Strategy and Cause of the Macro Environment

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