The use of virtual worlds and social media has grown to the point that more than one-quarter of the world's population utilize it in some manner. Security and privacy concerns regarding the use and capabilities of current and emerging technologies such as gaming, blogging, podcasting, virtual meetings, virtual worlds and Web 3.0 is examined. Security and privacy concerns are investigated in the context of exploits, vulnerabilities, and related security risks; confidential access control; communication trends and patterns in the use of massive communication strategies; intellectual property and product risk management; resource management; financial considerations and accountability; and safety. Several technologies and personal practices are reviewed, as well as ways to mitigate or eliminate their associated risks. The core principles of information security - confidentiality, integrity, and availability - provide an overall framework.