Ransomware attacks pose major cybersecurity threat to travel industry

The travel and tourism sector has become a prime focus for cyberattacks in recent times, resulting in ransomware incidents arising from data breaches. Against this backdrop, cybersecurity concerns within the industry have escalated with a 4% year-on-year (YoY) rise in 2022, reflecting the prevailing sentiment, says GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Company Filings Analytics Database found that sentiment for airlines, travel services, and lodging rose by 6%, 4%, and 1%, respectively, in 2022 over 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 lead to operational disturbances and cause significant financial damage to the business.”

LATAM Airlines Group SA plans to have self-boarding (biometric) to advance customer experience. The company is also starting Pre-Flight check documentation where customers can send their documents digitally before boarding. China Eastern Airlines Corp Ltd discussed establishing a sound information and security-related management mechanism.

Booking Holdings Inc 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 Holdings Ltd updated its digital strategy and made investments in new technology and cybersecurity solutions.

H World Group Ltd 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 have a detrimental impact on 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.”