People look at their favorite celebrities and movie companies and dream about the luxurious, carefree lifestyle that all of the money and fame surely bring. However, behind the shiny facade of Hollywood is the many professionals who worry about risk in media and entertainment industry. The cybersecurity threat is particularly challenging, and it often comes as one of these top three exposures.
Intellectual Property Theft
Entertainment companies are almost solely reliant on intellectual property. The songs, movies, shows, and other content are increasingly vulnerable to theft and pirated distribution as technology to do so becomes more readily available.
Streaming Service Interruption
For companies that rely on subscription or streaming services to bring the content to their customers, a hacking incident that brings the platform down can cause the site to lose subscribers. This means that a business can implode simply due to a single cybersecurity threat, though insurance can indemnify the company for such losses.
Customer data leaks are another risk in media and entertainment industry. If users’ data is breached, the company’s reputation and business can suffer catastrophic financial consequences.
Nearly all businesses face threats from cyber attacks. However, the right insurance can indemnify those affected by such incidents that happen to many media and entertainment companies.