Media in the modern world largely relies on the internet for the spread and syndication of content. Due to this, Media companies, in all their forms, are some of the most highly targeted entities by cyber criminals.
However, when most companies consider their Cyber exposure it is only digital ecosystems which are on their mind. But Cyber events can have real world impacts, and can occur Offline. With the need for mobile computing, recording, and note taking, Media organizations are amongst some of the most exposed to Cyber events simply due to the sheer number of devices in use by workers.
While the insertion of malware would be a typical example of a Cyber Event, the definition used by CCW’s insurance partners would also cover a stolen mobile device or computer, phishing, social engineering, ransomware attacks, brute force network attacks, and many, many, more.
Comprehensive Cyber Insurance is designed to facilitate an organization’s operations and recovery in the wake of a cyber event and offset the losses associated with the incident.
Media and Journalism organizations are able to access a number of cyber insurance solutions internationally. Some of these products are designed to cover against a single risk, while others are umbrella policies which cover against a wide range of independent risks. The good news is that Cyber insurance products for Media businesses are extremely flexible and can be tailored to meet the specific needs of your company.
Around the world a cyber event can carry extensive liability risks. From customers or readers who have their personal data accessed, through to governmental departments and regulators who can sanction an organization in the wake of a cyber incident, 3rdParty Liability is widespread for news organizations and media agencies.
Reputational Liability, Disclosure Liability, Impaired Access Liability, and Conduit Liability are just some of the many different liability exposures Media outlets will have to manage in the wake of a cyber event.
A Cyber Insurance policy with a comprehensive Liability safety net will ensure that a media industry business is able to satisfy its obligations towards third parties following a cyber event.
Not all Cyber Events will end in a liability exposure, some cyber events will only impact the organization they are targeting. News organizations, bloggers, TV and Radio stations are all prime targets for cyber criminals and e-vandals looking to make a statement, if not a dollar.
With website and network vandalism, website and network threat expenses, and business interruption costs all covered under Media Industry Cyber Insurance products, media businesses are able to ensure that their operations are able to continue even in the midst of a catastrophic problem.
Internal continuity benefits are available on most Cyber Insurance products for Media companies and businesses are often able to choose exactly which benefits they wish to include on their policy.
Outside of a company’s liability expenses there are an extended number of other costs that are normally associated with a Cyber Event. Notifying customers, subscribers and readers of a cyber event can be both financially burdensome and time consuming. This is ignoring the costs associated with external PR consultants, crisis managers, or legal teams.
While many Cyber Insurance products focus on the event itself, Media organizations need a far wider scope of coverage – especially when it comes to recovery and restoration. This applies both to business operations and non-tangibles, like a company’s reputation.
CCW Global is able to offer free, no-obligation no-risk consultations to newspapers, journalists, websites, and other media agencies with regards to their Cyber Insurance coverage. Whether you have an existing cyber insurance policy you wish to benchmark against the market, or you are looking to obtain new coverage, Contact Us to speak to one of our expert Corporate Insurance brokers today.
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