Kik, Instagram etc

I have decided that I am very definitely an 'analogue' parent in a digital world.  Our 12 year old daughter is now being exposed - via her school friends - to a huge range of different types of social media applications and I am growing increasingly concerned about my lack of understanding of what each does, the associated risks etc and how - as a result - I can't help her make sensible judgements on what is and is not appropriate.  At the moment she's running her ipod via my Apple account and can't download things as she doesn't have my password but oh boy this is all such new stuff!  My parents didn't have this to worry about!!