The World Travel and Tourism Council (WTTC) has launched a major new report to help the sector’s stakeholders understand how cyber resilience is shaping the Travel and Tourism sector and plan for a safer and more robust future.
Released at its recent Global Summit in Manila, the WTTC report, ‘Codes to Resilience’, draws on comprehensive research and in-depth interviews with cyber security experts in leading Travel & Tourism organizations such as Mastercard, JTB, and Carnival Corporation, among others.
The report, which was jointly produced with Microsoft, shows that while the COVID-19 pandemic has propelled the world and the sector into a more digital future, with the opportunities provided by digitalization, new challenges have emerged, especially in cybercrime.
The inaugural report focuses on three key areas considered critical for the sector: cyber resilience, key issues and six best practices based on the lessons learnt prior to and during the pandemic.
The report goes on to show how digitalization has become a strong enabler of business within Travel & Tourism, and given the international nature of the sector, it looks at the role of legislation around individual data protection.
According to the report, more than seven out of 10 (72%) SMEs in the UK, the US, and Europe, have fallen victim to at least one cyber attack, and with SMEs representing 80% of all Travel & Tourism businesses, mitigating cyber risk must remain a priority for the sector.
In Canada, ransomware has been flagged as a particular threat, with the country having been put on high alert on Feb. 24 as Russia invaded Ukraine. Last year a Telus survey reported that 83% of nearly 500 Canadian companies had experience some form of ransomware attack with 44% paying demands of, on average $140,000, though the overall costs of the attacks were much higher.
Julia Simpson, WTTC President & CEO, said: “Technology and digitalization 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 critical report reveals four key issues to address in order to improve cyber protection and enhance resilience: securing identity data, securing business operations, understanding the impact of COVID-19, and managing global legislation.
According to the report, certain actions can help businesses better prepare to repel an attack, while laying the foundation to support long-term cyber resilience. Among the best practices recommended by industry experts:
• Educating and training all staff
• Expanding risk security beyond the physical workplace
• Employing a zero-trust approach to cyber security, and
• Transparency
Cyber resilience is a crucial element to the future of Travel & Tourism, as cyber systems continue to facilitate and enhance activities between the sector’s stakeholders.
During a panel session at the tourism body’s Global Summit in Manila today, industry leaders heard that cybercrime has cost the global economy U.S.$1 trillion and could reach a staggering U.S. $90 trillion by 2030.
According to the WTTC Economic Impact Report, in 2019, before the pandemic stopped travel in its tracks, the Travel & Tourism sector generated more than US $9.6 trillion to the global economy. However, in 2020, the pandemic brought the sector to an almost complete standstill, causing a massive 50% drop, representing a severe loss of nearly US $4.5 trillion.
Digitization has played and will continue to play a pivotal role in Travel & Tourism’s growth and recovery from COVID-19, says the WTTC, adding, it is therefore essential for the sector to integrate cyber security and cyber resilience to continue its recovery from the pandemic while supporting its growth in the future.
To read full report, click HERE.