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"Why the increasing business use of social media by business? Social media offers immense potential for marketing, image-making, advertising, public relations efforts, customer relations, investor relations and a variety of other positive, beneficial activities.  But it also carries potential risks, a caveat perfectly illustrated by the Hastings case. The risks of social media are in some, but not all respects, similar to those of print media.  But not all libel laws apply-issues of malice and negligence have not been definitively decided in the courts. Insider trading issues, however, are clear.  The transmission via social media of insider information about a publicly traded company is illegal. Using Facebook, Twitter, Pinterest or private blogs to transmit insider information to large numbers of people is a violation of law."

Colleges do not have to actively monitor the social media accounts of their athletes for NCAA rules violations, according to a ruling released Monday. Last summer the NCAA said it was investigating nine rules infractions by the University of North Carolina football program, including not being vigilant enough in monitoring social media for evidence of rules infractions. As ESPN columnist Sarah Spain wrote at the time, the NCAA was setting itself up to open a potential can of worms.