Communications, Media and Technology (CMT) companies, especially those in the telecommunications sector, are exposed to wide-ranging cyber risks. In the face of a cyberattack, the industry is perceived to incur one of the highest financial costs. Similarly, human error and ‘rogue employees’ are together regarded by one in three respondents as a biggest threat concern. Most notably, these human-induced threats have been highlighted by more respondents in the CMT industry than others on average.
While the risks are real and have been recognized by the industry, many CMT companies have yet to set up and implement a holistic framework, governance, and adequate Board oversight. Getting Ahead in Cyber Risk: A Differentiated Approach for Communications, Media and Technology Providers highlights industry perspectives on CMT cybersecurity. Based on findings from the Marsh-Microsoft Global Cyber Risk Perception Survey 2017, the paper explains the current situation of cyber risks and common challenges in the CMT landscape. It also outlines some industry best practices as solutions to go forward with, including the use of cyber insurance as a risk-transfer tool.