Combating cyber attacks has been highlighted as a priority for travel businesses.
Cybercrime has cost the global economy $1 trillion and could reach $90 trillion by 2030, travel industry leaders attending the World Travel & Tourism Council annual summit in Manila heard.
A report compiled with Mircosoft found that 72% SMEs in the UK, the US, and Europe have suffered at least one cyber attack.
With SMEs representing 80% of all travel and tourism businesses, mitigating cyber risk must remain a priority for the sector, the WTTC urged.
President and chief executive Julia Simpson said: “Technology and digitalisation play a key role in making the whole travel experience more seamless, from booking a holiday, to checking in for a flight or embarking on a cruise.
“But the impact of cyberattacks carries enormous financial, reputational and regulatory risk.”
This report revealed four key issues to address to improve cyber protection and enhance resilience: securing identity data, securing business operations, understanding the impact of Covid-19 and managing global legislation.
Educating and training all staff, expanding risk security beyond the physical workplace, employing a zero-trust approach to cyber security, and transparency, among others, have been recommended by industry experts as good practices.
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