Insurers are finding it tricky to provide effective policies to the new media space
The world of media is changing quite quickly. So called new media, which refers to on-demand content that is available at any time and on any digital service, is becoming the de facto form of entertainment for many people, especially those in younger generations. New media is quite different than traditional media, especially when it comes to matters concerning the distribution and protection of content. New media represents a certain challenge for the insurance industry that is proving difficult to overcome.
The insurance industry is well versed in providing coverage specifically designed for every stage of media production. Professional and media liability coverage is quite common in several entertainment industries, such as film. This form of coverage is meant to protect against defamation and invasion of privacy, as well as copyright and trademark infringement. This type of insurance coverage is common among new media organizations, but the insurance industry is finding it challenging to offer these organizations coverage that protects against digital threats.
Because new media is primarily digital, it is exposed to the risks that exist in the digital space. Malware, hackers, and other sorts of threats can quite easily derail the production of new media content despite how aggressive organizations and individuals are with their security solutions. In cases where threats are able to bypass security, insurance coverage is meant to serve as a sort of safety net. The lack of comprehensive insurance policies designed to meet the needs of the new media space is leaving some content creators exposed, however.
Digital threats are constantly evolving, making it difficult for any single security solution to be wholly effective. This is one of the reasons that insurance protection is so important in the new media field. Insurers are unaccustomed to dealing with the rapidly changing nature of the digital space, however, and have found it challenging to provide new media organizations and content creators with the protection they need. Many of the digital protection policies that exist currently are specifically designed for large enterprises and are typically too expensive for the new media space.