Given the regular cyber-attacks and security breaches, studios dealing with visual effects and post production have to go through a lot of stress and strain.
Here, in India we don’t have any kind of cover to look after these problems faced by such studios.
But, this is not the scene in the UK.
Tokio Marine Kiln (TMK), a London-based specialist insurance business has launched media insurance for people in the visual effects (VFX) and post production departments. TMK said its post-production media insurance offers flexible cover for companies specialising in online or offline editing and digital content.
TMK’s new hybrid product, which combines traditional commercial insurance with cyber and reputational management cover has been designed to address these businesses’ need for insurance cover in the face of cyber attack and accidental security breaches, the company said in a statement.
“Our VFX and post production media insurance has been developed in response to the increasing need our clients face for coverage to protect against the threat of being hacked or accidentally suffering a security breach,” said Stuart Wolstenholme, senior underwriter at Tokio Marine Kiln.
“Cyber crime is on the rise, and we have seen both a surge in the number of high-profile attacks and a growing sophistication in the methods deployed by perpetrators. Businesses also continue to be vulnerable to breaches resulting from human error by employees,” he continued.
.“Security breaches can result in significant damage to the reputation of a post-production company and hinder its ability to meet contractual obligations and deadlines,” Wolstenholme added.
According to TMK, policy holders will be insured against traditional commercial risks such as physical damage and physical theft and will be provided with worldwide cover for technical equipment.
They will also receive cover for costs related to security breaches, reputational damage, additional expenses incurred to meet contractual obligations and deadlines, loss or damage to technicalequipment, remedial work by employees and business interruption costs.