The travel and tourism sector has recently become prime for cyberattacks, resulting in ransomware incidents arising from data breaches. Against this backdrop, cybersecurity concerns within the industry have escalated with a 4 per cent year-on-year (YoY) rise in 2022, reflecting the prevailing sentiment, says leading data and analytics company GlobalData.
An analysis of the GlobalData Company Filings Analytics Database found that sentiment for airlines, travel services, and lodging rose by 6 per cent, 4 per cent, and 1 per cent, respectively, in 2022 and 2021.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “Companies are consistently working on information and network security projects to set up a reliable technical protection and security management mechanism to ensure customer security and prevent data leakage. A severe data security incident can cause operational disturbances and significant financial damage to the business.”
Latam Airlines plans to have self-boarding (biometric) to advance the customer experience. The company is also starting Pre-Flight check the documentation, where customers can send their documents digitally before boarding. China Eastern Airlines discussed establishing a sound information and security-related management mechanism.
Booking Holdings talked about SQL injection, where a third party tries to insert malicious code into companies’ software through data entry fields on websites to gain control of the system using the websites as a platform. Tourism Holding updated its digital strategy and made investments in new technology and cybersecurity solutions.
H World Group and Mahindra Holidays & Resorts India Limited have set up an information security committee responsible for developing policies and procedures, offering data protection-related advice, protecting the security of customer data, and avoiding data leakage.
Singh concludes: “Failing to adopt appropriate technology leaves companies vulnerable to cyber threats that can harm their operations. Investing in robust cybersecurity solutions, educating employees about cybersecurity risks, and staying up to date on cybersecurity threats can help reduce the likelihood of an attack.”