President Obama, CNN, and the New York Times all share a common achievement. They all have more than one million Twitter followers. A large percentage of your co-workers probably update their own status on Facebook, as the social networking site claims it has 250 million users. If you doubt the importance and widespread adoption of social media, the Securities and Exchange Commission is reportedly monitoring corporate communications made via Twitter and corporate blogs. Many companies overlook the risks associated with social media or believe that their existing policies cover the new media. Social networking and social media has grown largely …