New tech won’t fix fragmented risk programs
Media and entertainment leaders in our survey understand what’s at risk within their companies and realize they need to focus more on aligning risk management processes throughout the business.
In Grant Thornton’s Cyber & Risk Survey Report, 39% of media and entertainment leaders said reputational damage is a major consequence of insufficient risk function integration, compared with 30% across all industries. Better coordination across the enterprise and modernization of business processes can help media and entertainment organizations strengthen their protections and protect their reputations.
said data protection is a top cyber investment priority for their company
are not using or only discussing internal audit AI use, compared with 22% in all industries
What’s in the report?
- Siloed structures create vulnerabilities: Lack of coordination across risk management functions is creating reputational risks. Addressing these and other risks with a multidisciplinary approach can reduce blind spots and preserve brand value.
- New tools should not be the priority: Media and entertainment organizations are in the early stages of outsourcing cybersecurity, compared with other industries. Although new tools could strengthen cyber capabilities, identifying critical data and protecting it is more important.
- Don’t sacrifice protection for content: Content and talent drive profit for media companies, and that’s where they focus their investment dollars. But modernizing protections needs to be a priority, too.
- Drive AI adoption with connected governance: Treating AI governance as solely an IT responsibility guarantees gaps in protection. As AI adoption transforms the business, governance should be coordinated across risk functions.
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