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Media, entertainment industry not ready for cyber risk

Posted on Wednesday, 26 September 2018 by social

More than half of media and entertainment firms experienced three or more cyber attacks over a 12-month period, according to a new survey from specialist insurer Hiscox.

“Media and entertainment firms are uniquely vulnerable to cybercrime,” Hiscox said in a news release. “High-profile products and complex production processes, coupled with the media and entertainment industry’s extensive use of outside vendors, give cybercriminals more opportunities to attack.”

The survey found that 51% of media and entertainment firms had experienced three or more cyber attacks over a 12-month period – and found that one-third of respondents were sceptical or not confident that their vendors’ cybersecurity strategies would protect their intellectual properties and assets.

Other findings included:

  • Viruses were the most common form of cyber attack in the industry, cited by 36% of survey respondents. Phishing scams were cited by 29%, and data breaches by 28%.
  • Many firms underestimate the level of cyber risk in the industry, or overestimate their own security; 79% of media and entertainment firms were confident that their cybersecurity strategy would prevent an attack.
  • The industry is underinsured for cyber risks. Forty per cent (40%) of respondents said they were either not insured or not covered for cyber incidents under their existing insurance.