In the days of Friendster, social media sites were barely a blip on the radar of general counsel. But with over a billion people worldwide using Facebook and 4 billion videos a day viewed on YouTube, social media sites and apps have gone far beyond venues for connecting with long lost college sweethearts and have become major concerns for businesses of all size.

A panel, “Effective Brand Management & Risk Mitigation in the Use of Social Media,” covered this topic at the Women, Influence & Power in Law Conference in Washington, D.C.

Ignoring social media is no longer a viable option, the panel shared. Companies have faced enormous negative backlash from reckless use of social media channels by employees, so it is important to develop a strategy. Companies must monitor social media and they must develop guidelines. Once a post it out there, it is out there forever. Also, ignoring negative posts by customers is not always the best idea. Rather, engaging in a productive dialogue is better.