Recent cyberattacks on media and entertainment firms have captured headlines around the world. (Shutterstock)
From leaks of high-value intellectual property to the unauthorized release of customer and employee information, cybercriminals have caused financial and reputational damage to some of the world's best-known media and entertainment brands.
Hiscox's recent survey results from cybersecurity decision-makers at U.S. media and entertainment firms unveiled significant cause for concern, as these organizations face unique vulnerabilities due to their high-profile projects and extensive vendor network. Among the survey's findings:
- Over half (51%) of respondents experienced three or more cyberattacks over a 12-month period.
- Nearly one in five of those surveyed did not know if their outside vendors had been hacked, and one-third were not confident that their vendors have sufficient cybersecurity measures in place to protect intellectual property and sensitive data.
- Approximately 40% of respondents said they are either not insured or not covered for cyber incidents under their existing insurance.
Underestimating vulnerabilities
As cybercriminals become increasingly sophisticated, overconfidence is a serious risk for media and entertainment firms. Despite 79% of total survey respondents saying they were confident in their cybersecurity strategies, more than half of all respondents indicated they had experienced three or more attacks in a 12-month period.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
