Social media is the new age medium of generating revenue. Social media has become omnipresent and has connected individuals throughout the world. It has become an integral part of businesses. With the rise in use of social media, security has become a major concern. People should be aware of security risks and threats that might affect them on these platforms. They must employ the best practices to reduce or eliminate the risks. Companies have to employ security awareness programs and implement a strong security policy to protect their customers. Constant innovations and enhancements have to be made to enhance the software and make them impermeable to threats and vulnerabilities.