According to a report by Panda security one third of businesses have been hit Security have been hit by malware from social networks.

The report titled- “Social Media Risk Index for Small to Medium Sized Businesses” unveiled that 35 percent of the companies were hurt by social-media malware which triggered a lot of financial losses. The financial loss amounted to more than $5,000, which according to Panda Security’s report was mainly caused by employees exchanging confidential information on social networking sites.

The survey on which the report was based on was conducted by Panda in July which involved 315 small and medium businesses (SMBs) with up to 1,000 employees.

Amidst the list of top ten social networks, Facebook was the leading site that amount more than 71 percent of malware infections and 73 per cent of privacy violations.  Next on the list were YouTube, Twitter and LinkedIn.

However, ironically many companies have immensely benefitted through

social networks by targeting users specifically for their products. More than 78 per cent of companies concede that social networking improves customer care. Its seems that there are a large majority of companies that want to take the social networking model to the next phase of marketing. In fact many businesses agree that social networking is the next concept of expanding business horizons to the next level.

“While a relatively high number of SMBs have been infected by malware from social sites, we were pleased to see that the majority of companies already have formal governance and education programs in place.” Sean-Paul Correll, threat researcher at Panda Security, said in a statement.