Media and Entertainment Industry Unprepared for Cyber Risks
More than half (51%) of media and entertainment firms experienced three or more cyber attacks over a 12-month period, according to a survey of cyber security decision-makers at US media and entertainment firms conducted by Forrester Consulting and commissioned by Hiscox.
Media and entertainment firms are uniquely vulnerable to cyber crime. 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’s findings reflect the severity of these risks, with one-third of the survey respondents reporting that they are either skeptical or not confident that their vendors’ cyber security strategies would protect their intellectual property and assets. Furthermore, while most respondents are confident that none of their vendors had been hacked over the 12-month period, nearly one in five firms surveyed (19%) did not know whether their vendors had been hacked, underscoring a lack of transparency and alignment when it comes to cyber security within the industry.
Additional highlights from the survey include:
•Hacking Takes Several Forms: Viruses were the most common cyber incident among media & entertainment firms, cited by 36 percent of respondents, followed by phishing schemes (29%) and data breaches (28%).
•Overestimation of Security, Underestimation of Risk: Seventy-nine percent of media & entertainment firms were confident that their cyber security strategy will prevent an attack despite a reportedly high rate of attacks over the 12-month period.
•Security Investment is Priority: Sixty-four percent of respondents expect to increase their investment in cyber security measures.
•Insurance is Still Lacking: Forty percent of respondents said they are either not insured or not covered for cyber incidents under their existing insurance.