With the increasing cases of malware attacks, the media and entertainment industry should take adequate steps to protect themselves against any cyberattack. In this article, Will Offeman, chief product officer, WideOrbit, provides three cybersecurity tips for these companies to protect themselves.Â
Cybersecurity should always be top of mind for the media industry, whether companies are housing data on-prem or migrating to the cloud. Over the past year and a half, there’s been a rise in incidents for media and entertainment companies, which could be attributed to the increase in remote work or could have happened regardless. As these threats continue to evolve, many organizations find themselves unprepared when faced with the reality of a cyberattack.
IT managers and security engineers lose sleep over the constant threat of ransomware, a form of malware that can infect computers and mobile devices. The initial infection spreads across the network, encrypting data files and making them inaccessible. In the case of media companies, stations have been taken off the air, resulting in significant revenue loss due to ads that can’t run. Next, the attacked organization will receive a ransom request asking for online payment, usually in the form of cryptocurrency, for system access to be restored and files to be released.
As ransomware incidents continue to rise in the media and advertising industries, here are three tips for media buying and selling programs to avoid falling victim to a cyberattack:
- Educate Every Staff Member
In 2021, estimates put global financial damageOpens a new window from ransomware at over $1 billion in the U.S. alone, with American organizations dealing with the highest costs, averaging $8.19 million per breach.Opens a new window A recent study found that 66% of companies say they would never pay a ransom as a point of principle. But in reality, 65% of targeted businesses do pay the ransom.Opens a new window Everyone in an organization, not just the IT team, should know how to handle a ransomware attack properly because of the significant financial risk.
Employees need to know how attackers gain access in the first place. From on-air broadcasters to sales teams, every staff member should be trained to identify a phishing email, recognize suspicious links, and learn how to avoid falling prey to social engineering. Although some of this information might seem obvious, educating every employee from top to bottom is essential in protecting your company from cybercriminals.
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- Protect Your Network Security
The cost of a ransomware attack can go far beyond the monetary payment. Organizations often face costs associated with attack mitigation, recovery, downtime and associated lost revenue. Additionally, victimized companies deal with the damage done to their brand’s reputation. In many cases, customers have difficulty trusting organizations that have experienced cybersecurity issues, leading to media companies losing loyal business.
Organizations must protect their network security to avoid these outcomes. This can be achieved by creating a network environment complex enough to make it extremely difficult for ransomware to spread between systems. Practices like segmentation are often implemented, so the company’s critical data is in various locations. This way, all company data is not compromised. Segmentation also protects companies with automation to ensure systems are current on patches and security updates while running the latest versions.  Â
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- Establish a Strict Routine
Like any business initiative, it’s essential to have a strict routine for creating regular backups. To be the most prepared, a valuable data backup strategy should have files updated daily. Organizations must keep multiple copies of confidential business and customer data saved in various locations, including locally and air-gapped backups stored offsite or in the cloud. The most reliable strategy requires the use of regularly scheduled backups and segregated backup data. This allows organizations to restore their business-critical systems from backups should an attack ever occur.
These steps can help prevent a ransomware attack, but if it happens regardless, the team will recover faster and at less expense with these measures in place. Even with a strict routine established, a company’s job is nowhere near being complete regarding security. Since cybercriminals are becoming more advanced and finding new ways to attack systems, companies must regularly increase their knowledge and learn about recent trends.
It’s hard to overcome something if you don’t have a concrete plan in place. It’s also crucial for everyone on your team to be on the same page to identify better and prevent further cybersecurity attacks. While no company wants to experience a cyber issue, they do happen. And when they do, it’s critical to be as prepared as possible. With a rise in cyber incidents over the past year and the rapid growth of remote work, it’s more necessary than ever for media companies to go the extra mile in reducing security risks.
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