As traditional media companies adapt and attempt to thrive within the rapidly changing digital space, they are discovering—sometimes painfully—that their insurance coverage also must evolve.
Case in point: Media companies are no longer just creating content—they are increasingly selling it directly to consumers via Web sites and mobile apps. This practice creates the possibility for security breaches that compromise consumers’ credit-card numbers and other personal information.
Addressing such exposures, the Securities and Exchange Commission (SEC) issued guidance on Oct. 13, 2011 stating that publicly traded companies must disclose which aspects of their operations “give rise to material cyber-security risks”—and disclose any relevant insurance coverage they hold to address these risks.
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