According to the “Burson-Marsteller (2013) Check-up insight”, Social Media already became a powerful tool for enterprises across the globe, it showed that “the top 225 companies use Twitter, Facebook, YouTube, blogs and for the first time, Google+, 65% of Latin America companies are now active on at least one Social Media platform..” It’s 2010 study showed that “of the Fortune Global 100 companies, 65% have active Twitter accounts, 54% have Facebook fan pages..”. Social Media is no longer used as an option for business, but taken as a weapon for today’s business expansion. Yet, organizations are very cautious about any possible negative impact such as cyber-attack, privacy violation, damage to branding, lack of control over its content, and non-compliance to the companypolicies, etc. In order not to lag behind by competitors, many enterprises are seeking ways to leverage Social Media – as a “double-edged sword”, and seek ways to avoid any business risks. Thus it is vital that a proper enterprise strategy and a risk-plan to be adopted to address those risks. Through the case-study approach, this paper aims to study the possible strategies that organization taking to manage the negative impact in Social Media, to investigate what influence their decisions in choosing the strategies and if there could be a better governance framework to address these issues.