Content creator Ranveer Allahabadia’s (the Beer Biceps guy) YouTube channel being hacked and videos deleted and replaced by other videos sends out a very clear message. In today’s world, our online presence is not secure.
It is always advisable to invest in appropriate, tailored cyber insurance solutions to ensure businesses and creators are shielded from financial, legal, and reputational damages arising from such incidents
Content creator Ranveer Allahabadia’s (the Beer Biceps guy) YouTube channel being hacked and videos deleted and replaced by other videos sends out a very clear message. In today’s world, our online presence is not secure.
If you are a content creator, such a cyber attack could lead to financial losses.
“For content creators, their digital assets are akin to a retail store for traditional businesses. If these assets are compromised—whether through hacking, deletion of content, or other cyber-attacks—the financial repercussions can be severe. While in Ranveer’s case, YouTube was able to restore his channel and videos, the period of downtime still poses a challenge in terms of loss of viewership and potential revenue from collaborations and advertisements,” says Hari Radhakrishnan, expert member, the Insurance Brokers Association of India (IBAI).
The Need For Insurance For Content Creators
Content creators, especially those operating on digital platforms, are highly vulnerable to cyberattacks, data breaches, or data theft. To safeguard against such risks, implementing multi-factor authentication (MFA), using strong passwords, and regularly updating them can significantly improve cybersecurity. “Adhering to platform-specific privacy settings is also essential. Additionally, contractual safeguards, such as clear intellectual property agreements, can provide protection in times of uncertainty. Since no system is flawless, cyber insurance offers an added layer of security, not only covering financial losses, restoration expenses, and business interruptions caused by cyber incidents but also providing additional services to support you during volatile times,” says Najm Bilgrami, national head, financial lines, Tata AIG General Insurance.
This incident underscores the lack of specific insurance solutions in India that cater to the unique needs of content creators. Currently, cyber insurance policies are primarily designed to cover losses for corporations that own and operate their IT systems. However, content creators typically rely on third-party platforms like YouTube, Instagram, or Facebook. “Hence, existing policies do not cover damages resulting from cyber-attacks on these platforms. The demand for a comprehensive insurance solution that protects against such risks is expected to surge as the content creation industry continues to grow,” says Radhakrishnan.
“Going forward, social media platforms and insurance companies may collaborate to introduce innovative policies that secure influencers’ creations, ensuring that their passion and livelihoods remain protected. The interest and inquiries are already there, and it’s only a matter of time before insurers roll out bespoke solutions for this burgeoning market,” says Neha Anand, vice president and head of cyber, Prudent Insurance Brokers.
Content creators can cover themselves with cyber insurance to stay protected from certain risks.
“It is always advisable to invest in appropriate, tailored cyber insurance solutions to ensure businesses and creators are shielded from financial, legal, and reputational damages arising from such incidents. The right cyber insurance plan can cover forensic investigation fees (to determine the breach's source), data reconstitution costs (to recover lost data), multimedia liability (protection from copyright claims arising from breached content), and PR expenses (to manage reputational fallout),” says Evaa Saiwal, head, cyber insurance, Policybazaar for Business.