Film and entertainment businesses of all types and sizes are exposed to cyber risks.
Cyber protection is an increasingly necessary insurance protection for businesses in the film and entertainment industries. To date, the most famous cyber claim was the 2014 hacking of Sony Pictures which resulted in millions of dollars of intellectual property loss, corporate humiliation, and the compromise of sensitive employee and vendor information.
Today, business runs in the cloud. Labor contracts, distribution deals, licensing, and other critical business decisions are negotiated online; call sheets, bill payments, and production operations are coordinated in real-time and shared with production departments. More so, production companies store valuable creative assets from pre-production storyboards to finished work product. All of these sensitive business operations and itellectual property are at risk from a number of claim scenarios.
Having the right coverage in place protects your company from business or production interruption, damaged equipment, lost reputation, fines, and the costs of compliance with state and credit monitoring laws.
Cyber Coverages offer protection in the following types of situations
Malicious Destruction of Data
Denial of Service Attack Virus, Malware, Spyware, etc.
Accidental Damage to Data
Electrical Power Surges
IT System Failure
Cyber Extortion Threats
Third-Party Claim Scenarios
Breach of Privacy
Misuse of Personal Data