How to Build a Cyber Security Risk Management Strategy to Safeguard Media Content

When you think about cyber security risk management, you probably think about criminals stealing financial data or sensitive information. But media content and other intellectual property (IP) can be a target, too—especially unreleased footage.

Cyber threats don’t even need to be inherently nefarious: Plenty of companies have fallen victim to data breaches after mistakenly exposing their cloud storage buckets. Just this past January, North Dakota-based TV station Valley News Live mistakenly leaked nearly 2 million files thanks to a misconfigured S3 storage bucket.

So how do you safeguard valuable media content from prying eyes? In this blog, we’ll simplify the steps of securing your media workflow so you can build a cybersecurity risk management strategy as part of your businesses’ enterprise risk management frameworks.

• The Importance of a Cyber Risk Management Strategy for Media
• Cyber Security Risks Associated With Media Production
• How to Build a Robust Cybersecurity Risk Management Framework
• Make MASV Part of Your Cyber Security Risk Management Strategy

The Importance of a Cyber Risk Management Strategy for Media

A cyber risk management strategy is essential for any business producing digital media. A robust enough strategy combining data security best practices can offer firms several key benefits, including:

• Reduced risk of cyber attacks.
• Better compliance with industry standards and data security regulations.
• Improved performance through better security risk response.
• Reduced risk of financial and reputational loss.

To succeed, your strategy needs to be adaptable to the ever-changing environment of cyber threats and have clearly defined roles and responsibilities. There’s also something to be said for striking a balance between security and productivity—too much security, and your collaborators may be tempted to develop insecure workarounds or shadow IT.

Before we get into how to build a cybersecurity risk management plan, and the security measures it should contain, let’s look at some of the risks involved. 

The Value of a TPN Assessment

Improved security and reduced ‘assessment fatigue’ are just two of the benefits of working with a TPN audited vendor (like MASV).

Lire la suite >

Cyber Security Risks Associated With Media Production

To be prepared, security teams first need to understand the cyber threat landscape. Some of the most common digital risks you may experience in media production are:

Data breaches, malware, and ransomware

Cyber threats are designed to cause damage. There are usually two main goals: To steal your corporate or client data, including IP, or deny you access to your systems (usually for a ransom). The methods cybercriminals use are also constantly evolving: As your security improves, so does the sophistication of the attacks.

Improper data handling and processing

The people in your business can pose a threat to the security of your content, too, whether intentionally or unintentionally. Human error can compromise data integrity and security, while poor data management can lead to data loss or misuse.

Unauthorized access and denial-of-service (DoS) attacks

These occur when unauthorized entities gain access to networks and systems, either by exploiting software weaknesses, using stolen credentials, or engaging in phishing scams.

DoS attacks are a form of cyberattack whereby users are prevented from accessing systems and services. A DoS attack usually involves an attacker bombarding the network or service with authentication requests with an invalid return address. This overloads the network and makes the service inaccessible to users.

Non-compliance with data privacy regulations

Non-compliance with data privacy regulations can be a costly mistake. Different geographies have different regulations (such as GDPR in Europe and CCPA in California) on how personal data and private information should be collected, stored, and shared. Breaching these regulations can lead to hefty fines and reputational damage.

There are also international data protection standards, such as ISO 27001 and SOC 2, that media companies should adhere to. While these standards don’t carry official penalties, non-compliance can lead to damaging consequences such as data breaches and potential financial loss.

Loss of customer trust and brand damage

If you don’t take measures to protect digital media assets, you can lose customer trust: A recent survey showed that nearly 60 percent of consumers say companies who get breached aren’t trustworthy.

By having a robust security plan and meeting ISO and other compliance standards, you show your customers that they can trust you with their data.

System outages and operational disruptions

System outages can impact one part of your system or your entire network, causing havoc to your business. And cyberattacks can cause significant downtime. The knock-on effect means you’re unable to service your customers, damaging your reputation and costing you money. 

Loss of revenue and additional expenditures

Failing to manage digital risks can be an expensive mistake. We’ve already looked at some of the costs you might incur, but there’s also the price of making things right if you’re attacked. Plus, the loss of trust we mentioned earlier can have long-term implications for your cash flow.

Theft of intellectual property

Vulnerable systems can leave you susceptible to IP theft, copyright infringement, or piracy. When digital media is stolen and used illegally it can leave you unable to sell your work. What’s more, scammers can also use your work as part of phishing scams to dupe your customers. This can have a serious effect on your reputation and bottom line.

How to Build a Robust Cyber Security Risk Management Framework

Now that you know the risks, it’s time to look at how your security teams can avoid them. While every business will have slightly different needs, the following steps should be at the heart of any cybersecurity risk management process.

Conduct thorough risk assessments and vulnerability scans

Identifying threats is a huge part of risk mitigation. Start by conducting a business impact analysis to look at your digital stack and exposed assets. This will help your security teams determine any vulnerabilities and potential risks. Consider using an audit risk formula to identify financial risks, and make sure to factor in any third parties at play.

Mapping your entire digital footprint can help you spot where potential threats may occur. Attack surface monitoring solutions can help you pinpoint critical assets that may be at risk.

Implement robust security controls and intrusion detection systems

You should never rely on just one tool. Instead, set up a comprehensive set of security measures that protect against security risks. Examples include firewalls, cloud container security, user access control, security update management, and secure configuration.

Make sure to include intrusion detection systems (NIDS). These are network security tools that monitor network traffic and alert administrators to suspicious activity. Sensors collect raw data, while linked analyzers compare data with known threat signatures.

Develop and test incident response plans (IRPs)

Incident response plans help monitor specific risks you’ve identified. They help ensure you have a well-thought-out, coordinated, and consistent approach to responding to disruptions. Some of the key elements you should include in your IRPs are:

• Threat detection guidelines.
• Containment procedures.
• Analysis requirements.
• Notification plans.
• Recovery strategies.

Provide security awareness training for the production team

Training helps keep all team members on the same page. It ensures a consistent approach to cyberl risk management, including monitoring for threats, preventing risks associated with human error, and what to do if a breach occurs. Protecting your digital assets is more effective when everyone takes responsibility.

Implement strong data loss prevention (DLP) measures

Robust DLP measures such as cloud disaster recovery can help you identify and protect sensitive data. A key element of successful DLP is having an inventory of your data, categorized by importance and sensitivity. This enables you to take measures such as:

• Encryption, both of data in transit and at rest.
• Access controls, so only authenticated users can access sensitive data.
• A plan for responding to potential data breaches.
• Monitoring data transfers.
• Anomaly detection.

Maintain compliance with relevant security regulations and standards

As stated earlier, failure to comply with regulations and industry standards can result in hefty fines. But compliance doesn’t just help you protect sensitive data and your IP—it also helps build consumer trust and brand reputation.

Designing a new cyber risk management plan is the perfect time to update your existing ones. Take the time to carry out substantive tests to ensure compliance with financial regulations, and assess your overall data management plan to make sure you’re meeting GDPR and other data protection requirements such as SOC 2 and ISO 27001.

Invest in up-to-date security technologies to mitigate digital risk

There are a range of technologies that can support your cyber risk management process. One example is using an integration platform as a service (iPaaS). This is a cloud-based solution that supports the connection of business apps for sharing data across a network. One key benefit is that a software provider like this handles security such as updates and API management, meaning you don’t have to worry.