Fastly report highlights cybersecurity challenges in media sector

Fastly, a company specializing in edge cloud platforms, has released its global cybersecurity report, revealing the extensive impact of cyber attacks on media businesses. On average, each media business faced 25 known attacks this year, leading to significant financial losses.

The report finds that media businesses have lost an average of 9% of their annual revenue due to cyber attacks.

The media and entertainment sector is particularly vulnerable, with 36% of businesses in the industry experiencing direct financial damage from these breaches. Common consequences include network outages, web applications being taken offline, data loss, and compromised customer accounts. Notably, media sector employees face a high risk of social engineering attacks, underscoring the need for comprehensive staff training in cybersecurity.

Sean Leach, VP of Technology at Fastly, notes the paradox in the media and entertainment industry. “While attacks on this sector are less frequent compared to others, they are remarkably damaging financially,” Leach says. He suggests that the lower frequency of attacks might indicate either an underestimation of risks or effective mitigation strategies by media businesses.

As a response to these threats, 71% of media companies plan to increase their cybersecurity budgets. However, there’s a dichotomy in spending strategies: 38% believe they overspent on cybersecurity tools, while 28% feel they didn’t spend enough. This conflict is evident as only 62% of security tools are fully deployed, indicating inefficient resource utilization.

The talent shortage in cybersecurity poses another challenge. A third of media cybersecurity professionals attribute recent security issues to a lack of skilled personnel. Over half of the media organizations are increasing their budgets to attract more qualified talent. However, the struggle to find experienced professionals equipped to handle new threats remains a significant barrier.

Generative AI emerges as both a solution and a concern in this sector.

Over the next two years, 53% of security professionals in media plan to invest in Generative AI. Although considered a key threat, 66% of these professionals also believe AI will positively impact the industry by creating new opportunities and jobs.

Leach points out that while investment in talent is crucial, relying solely on increased spending is not enough. He advocates for exploring technological solutions, such as Managed Security Services and Generative AI, to alleviate the burden on in-house security teams and enhance overall protection.