Best Practices (from Deloitte) for Organizations to Mitigate the Fake News Economy

Date : 11-Mar-2020
Location: Kuala Lumpur

Key Takeaways:
  • The topic of fake news is not new, as it has been discussed and debated extensively in both traditional and alternative media spaces. Broadly speaking, fake news is a campaign of disinformation with the intention of shaping opinion, introducing bias, or damaging a certain target entity through the spread of false and fabricated news.
  • Fake news can lead to bigger troubles than just mere social mischief. In May 2019, UK’s Metro Bank was the victim of a fake news campaign where news of its supposedly impending shutdown or bankruptcy went viral via the hugely popular WhatsApp messaging app. Within hours, various bank branches saw panicked customers attempting to withdraw their savings or to empty their safe deposit boxes. The bank’s share price suffered a severe drop as a consequence of the negative perceptions and market panic.

unsplash-logoKayla Velasquez

  • Chung Kim Chuen, Cyber Security Executive Director, Deloitte Malaysia, said, Combating fake news is never easy, but we can all do our small part in helping win this battle in the long term.
Chung Kim Chuen, Deloitte Malaysia

  • The proliferation of social media platforms and messaging apps where information can go viral almost instantaneously amplifies this problem (fake news), in comparison to the traditional print media of the past.
  • The impact of fake news differs, depending on the topic involved, and who the target entity is. Hoaxes, such as those falsely claiming the demise of a certain celebrity, are mischievous and slanderous, and in some extreme cases can result in individuals being harassed and threatened by the general public.
  • Some fake news are spread to cause social unrest or panic, such as the recent ones involving the exaggerated dangers of COVID-19. These tend to have a more lasting and deeper impact on society, and can lead to legal troubles, and in some cases, even police arrest. Some could even influence the outcome of elections, as was widely reported during the US presidential election of 2016.
  • Hackers are capitalizing on the fake news economy - also getting on social media platforms, scanning their victims’ profiles, and targeting them with phishing emails that display catchy headlines aligned to their interests, so as to entice them to click on links to malware-laden websites. Some of these emails play on human emotions and rely on their compassion, or curiosity, to click through links using relevant fake topics.
Best Practices:
  1. To mitigate, there is no one single solution. There are, however, several suggested ways to counter, or at least minimise, the risks and impact of a fake news attack:
    • Planning is absolutely crucial. Planning for fake news attack is similar to preparing for a media disaster: be prepared for every conceivable situation, have a competent media team ready, and appoint dedicated spokes-people who deliver a consistent message and response to all queries.
    • Education is important. Have a sound employee security awareness campaign to educate staff on the importance of validating any news before propagating them, and to be wary of clicking on any links in emails. They should constantly employ strong passwords, and refrain from posting company-sensitive information online without permission.
    • Implement a data protection framework to ensure all suitable and robust controls are in-place for protecting sensitive data from being leaked out, which can be used as fodder to create all kinds of fake news. Confidential data residing in databases or systems need to be protected with robust access controls, and with the right level of encryption applied to ensure data integrity and confidentiality. It is advisable to implement systems to monitor and block unauthorised outflow of sensitive data, for example a Data Leakage Prevention (DLP) solution.
    • Plan and conduct a fake news attack drill, to be prepared in the event of a real attack happening. This is similar to cyber war-gaming, an exercise where IT security teams conduct table-top exercises to simulate attacks, and then try to counter with corresponding responses, the results of which are measurable and can help pinpoint and improve any weaknesses found.
    • Monitor unauthorised usage of your company’s name and branding out there. Unscrupulous users can perpetrate scams riding on your company’s branding and popularity. Be alert and have a strong social media presence, and respond to any negative campaigns with immediate, clear and concise responses via official channels.
  2. The International Federation of Library Associations and Institutions (IFLA) published a guideline to assist people in recognising fake news, and it is wise to pay heed to the following:
    1. Consider the source (to understand its mission and purpose)
    2. Read beyond the headline (to understand the whole story)
    3. Check the authors (to see if they are real and credible)
    4. Assess the supporting sources (to ensure they support the claims)
    5. Check the date of publication (to see if the story is relevant and up to date)
    6. Ask if it is a joke (to determine if it is meant to be satire)
    7. Review your own biases (to see if they are affecting your judgement)
    8. Ask experts (to get confirmation from independent people with knowledge).
Editor's comments:
  • Always make it a habit to verify the content before proceed to viral it - the easiest way is to forward the url instead of the content.
  • Many people have the habit of viral-ling contents to friends with the intention to entertain and for fun.
  • Many fake news contents were created for leisure and entertainment reasons - one of such examples is the videos taken from the youtube, TikTok and douyin platforms.
  • Therefore,these content platforms should establish methods for consumers to verify content's source in terms of automatic content matching.
  • Plain text and audio contents without clear indication of the source should not be taken seriously by consumers.
  • In the fight against fake news, mainstream media has proven to be a worthy soldier - in many cases, they have managed to debunk many fake news into a news article.