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Cybersecurity will generate revenues of $2.1 billion in 2025 in the journey and tourism trade, up from $1.4 billion in 2021, forecasts GlobalData.
Its newest report, ‘Cybersecurity in Travel and Tourism – Thematic Research’, highlights the rising demand for cybersecurity services and products by journey and tourism firms in order to shield their prospects’ private information.
Rachel Foster Jones, Thematic Analyst at GlobalData, stated: “Travellers now expect a seamless experience whilst travelling, resulting in companies using technologies such as Internet of Things (IoT) and cloud. However, this has made the sector vulnerable to cybercriminals as these technologies collect more personal and sensitive but valuable data.”
When cybercriminals pay money for buyer information, not solely are prospects put in danger however so is a complete firm’s status. A string of high-profile assaults in the trade has led to the scrutinization of cybersecurity methods, with regulators now clamping down and fining firms that fail to shield their prospects’ information.
“Therefore, the risk of cyber-ignorance is escalating, and tourism companies need to start taking cybersecurity seriously. For an effective cybersecurity strategy, companies must keep up with new technologies and stay one step ahead of cybercriminals,” Jones added.
Effective cybersecurity methods should contain contingency planning, as merely investigating an assault in its aftermath or just assembly compliance obligations is not going to suffice, and as a substitute will solely lead to an limitless cycle of spending. Travel and tourism firms have begun to take observe, with many hiring a Chief Information Security Officer (CISO) to develop and implement efficient data safety programmes.
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