Media and Entertainment companies are one of the primary targets for cyberattacks worldwide. Businesses in this sector are most vulnerable to cybercrime as most of these businesses are pivoting towards an internet-led model to deliver their services and media content on the go.
The media industry is also highly reliant on third-party vendors, which gives cybercriminals more opportunity to trespass and have a disaster across the network. Most of the CIOs in media and entertainment firms are sceptical about the third-party vendors and are not sure about the security standards they follow.
Businesses can risk their intellectual property and digital assets by partnering through dubious third-party vendors. Until and unless the partner is audited, businesses can’t figure out if the company has been hacked in the last 12 months. This lack of transparency requires cybersecurity parameters to ensure a secure business.
The entertainment and media industries play a key role in shaping public opinion and even national image, making it a valuable target for APT groups and hacktivists seeking influence.
The entertainment industry is a profit powerhouse, with revenues now over 2 trillion worldwide. Unfortunately, the industry’s high-profile content, reliance on digital systems, and growing supply chain of partners make the sector an attractive target for hackers. Whether intended to steal consumer information, hold content to ransom or distribute propaganda, data breaches are taking their toll on the industry.
In 2020, almost half of firms in the sector reported at least one incident, and took an average of 224 days to identify a data breach, two weeks longer than the global average.
The publicity in entertainment industry is the result from compromising communication and other information about high-profile individuals, and their associated businesses. For example, in the weeks leading up to the Game of Thrones final episode, HBO was hit with hacks, leaked episodes, and ransomware attacks, all stemming from a breach of online security. Such can cause harm to the financial success and reputation of both the show and the network. In addition, a company’s failure to adequately safeguard the confidential information of individuals or affiliated parties may result in costly legal review, security remediation, forensic investigation, and litigation, all which can negatively impact public relations.
This ensures they understand the risks is an important way to ensure that everyone in the organization is up to date on the latest threats. While you may well outsource your cyber security, your application security or your IT, this does not mean your staff can afford to be uninformed about the kinds of real threats that they might face regardless of their involvement in website or app management.
Make sure to identify where the risks are in your digital and online assets. Conducting a thorough risk assessment is essential to understand what risks are insurmountable, which can be avoided and how to mitigate any risks that your company and clients face. Knowing when you are most likely to be attacked will ensure you are able to bolster your security at those points. Whether this is during the pre-release phase of a major product or data generated from ticket sales, understanding the risks allow you to anticipate and prevent those attacks.
You can do this through constant and consistent monitoring is essential. Whether your business relies on websites, social media accounts, blogs, web apps or other digital online assets, whether you are using cloud-based technology to minimize dealing with hardware and servers, making sure that all your assets are protected is important.