The Media and Entertainment industry is bigger than ever, and it has been spurred in growth somewhat by the development of new technologies. As with any other industry, Media and Entertainment significantly benefit from collecting data and increasing connectivity.
Here are three main use cases where IoT comes into play in the Media and Entertainment industry:
Increase Customer Base and Profitability
- Build enhanced view of customers and customer household preferences by leveraging data from wearable devices to mobile & social media data
- Develop or acquire content that meets targeted needs of the customer base for improved profitability
Grow Advertising Revenue
- Leverage rich customer preference information for targeted and effective advertising and hence increasing the revenues
- Retain advertisers by moving to most appropriate channels by analyzing customer preferences around content and delivery mechanisms
- Effective and targeted promotions and marketing efforts
Effective Operations and Multi-Channel Differentiation
- Electronic bracelets and sensors to track customers’ movements at theme parks and on cruises for greater customer experience and differentiated experience
- Improve customer service and differentiation through better visibility into customer content and entertainment preferences
- Preventive maintenance and optimal utilization of media equipment and archived content based on sensor data
While IoT is changing the way the industry is operating by helping it manage and use valuable data, this improvement is not without its risks. Media and Entertainment companies are high-profile targets for cyber attacks, and often unintentionally provide malicious attackers plenty of opportunities to carry out their attacks. Let’s have a closer look at the state of the Media and Entertainment industry and main IoT security concerns.
State of the Media and Entertainment Industry
The Media and Entertainment industry is unique in many ways, and that can make it quite tempting for cyber attackers. The use of data is very prominent, and crucial for media and entertainment companies to figure out what the customers want. However, it’s also one of the industries where success can depend a lot on personal relationships between the business partners. In those circumstances, keeping a reputation of a secure and trustworthy company is essential to increase revenue.
For the creative product or process to be developed and distributed, Media and Entertainment industry companies need sensitive data. The industry uses outside vendors extensively, where IoT is undoubtedly helpful. However, the complexity of these processes of production can sometimes leave the company less than able to protect its assets.
According to a Hiscox survey, over a 12-month period more than half of all surveyed Media and Entertainment companies found themselves under three or more cyber attacks. Those are significantly high numbers, especially when it’s taken into account how much sensitive data these companies are managing. Meaningful insights into consumer behavior and preferences are valuable, as well as personal and financial data.
Outside vendors are also being targeted, compromising the security of the entire supply chain. Cyber attacks are set to become a norm and much more frequent if the main cybersecurity concerns for the Media and Entertainment industry aren’t addressed.
Since the fast and furious advancement of IoT has created blind spots that cybersecurity needs to address, it’s no wonder why there are particular security concerns that some other industries don’t have to face. A good cybersecurity solution should aim to improve an enterprise’s safety in three key areas:
- Prevention — correctly assessing the risks and vulnerabilities, keeping cybersecurity a priority in any project and training staff on recognizing malicious attacks;
- Detection — tracking all attempted attacks, coming up with a response plan in case of discovery and making sure the employees will report any intrusions in the system;
- Mitigation — an extensive program to prevent or detect, contain and assess cyberattacks, testing all systems for weaknesses, and continuously reviewing security.
Solving Security Concerns
One of the main points that the Media and Entertainment industry has to address is the overestimation of security and underestimation of risk. Without professional cybersecurity protection and testing systems in place, it’s safe to assume that a company could be doing more to protect its assets. The risks are significant and need to be taken seriously.
If we wish to ensure IoT security in every industry, it’s essential to take a detailed look into any product’s or system’s security and make sure that it’s up to the highest security standards relevant to the operational environment of the industry in question.