Media, entertainment industry unprepared for cyber risk - Hiscox

Research unearths that more than half of entertainment firms have experienced three or more cyberattacks over the last year

Media, entertainment industry unprepared for cyber risk - Hiscox

Cyber

By Ryan Smith

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

“Media and entertainment firms are uniquely vulnerable to cyber crime,” 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 cyber criminals more opportunities to attack.”

The survey found that 51% of media and entertainment firms had experienced three or more cyberattacks 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 cyberattack 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.

 

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!