New York, NY, Sept. 12, 2018 (GLOBE NEWSWIRE) -- Hiscox, the international specialist insurer, today revealed that more than half (51%) of media and entertainment firms experienced three or more cyber attacks over a 12-month period. This finding is 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.
To ensure an organization is ‘cyber-ready’ for a cyber attack or data breach, Hiscox recommends a three-pronged approach: prevent attacks, detect them early and mitigate the financial consequence.
Prevent:
- Be aware of your vulnerabilities and those of your partners and vendors.
- Address cyber prevention in every project.
- Train staff on data-security best practices, including recognizing phishing and other intrusion attempts and creating strong passwords.
Detect:
- Ensure that employees know how to recognize and report an intrusion.
- Track all attempted intrusions, whether they are successful or not.
- Be prepared to strengthen your response when an incident occurs.
Mitigate:
- Have a plan for all incidents, from detection and containment to notification and assessment.
- Be transparent when an incident occurs, both internally and with vendors and partners.
- Insure against the financial risks with a stand-alone cyber policy for your firm and for each project.
About the Survey
Hiscox commissioned Forrester Consulting to assess the cyber security strategy of US media and entertainment firms. In total, 105 cyber security decision-makers in US media and entertainment firms were contacted. Respondents completed the online survey in February 2018.
About Hiscox
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2017 saw the business deliver a profit before tax (excluding foreign exchange) of £93.6 million despite reserving net $225 million for claims in the most costly year ever for natural catastrophes.
The Hiscox Group employs over 2,700 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. This information is neither intended nor should be construed to be a
solicitation for the purchase of insurance by any US person or entity. For further information visit www.hiscox.com.
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The content provided above is provided for general informational purposes, but is not intended, nor shall it be deemed, to be business, legal or insurance advice for any particular or specific person or entity.