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.”
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.”