Cybersecurity in Travel and Tourism - Thematic Research

Cybersecurity in Travel and Tourism - Thematic Research

Summary

Cybersecurity is the body of technologies, processes, and practices designed to protect networks, computers, programs, and electronic data from attack. The travel and tourism sector has received plenty of attention regarding cybersecurity. There has been a string of high-profile cyberattacks in the lodging and aviation sectors. A lot of personal information is required for bookings in these sectors, meaning related companies have a wealth of personal data, which is attractive to potential hackers.

This thematic report takes an in-depth look at look at how important cybersecurity in the travel and tourism sector is. Firstly, the value chain section summarizes an in-depth description of each of the segments of cybersecurity and outlines the specialist vendors and leading adopters of cybersecurity in the travel and tourism sector. The challenges section outlines the key challenges being faced by the travel and tourism sector. This is followed by an impact assessment detailing the areas in cybersecurity where travel and tourism companies should focus and outlines these challenges faced by the industry have accelerated the need for greater cybersecurity. A case study section is then provided, which shows cyber-attacks within the travel and tourism sector. A data analysis section provides market size and growth forecasts, followed by mergers and acquisition activity, a cybersecurity timeline, and insight into company filings, hiring, and social media trends. Next, the report highlights companies making their mark within the theme, and finally, the relative position of these companies within the airlines, rail and road transport, and lodging sectors is summarized.

“The travel and tourism sector is one of the most susceptible to cyberattacks. With attacks becoming more common and increasingly sophisticated, the risk and impact of cyber-ignorance is escalating. The sector handles huge amounts of personal data and involve numerous individuals susceptible to human error, interacting with millions of customers in cyberspace. Cybersecurity should involve contingency planning as merely investigating an attack in its aftermath or simply meeting compliance obligations will not suffice. It will only lead to an endless cycle of spending.”

Key Highlights

• The travel and tourism industry is highly exposed to attacks due to the wealth of personal data it stores. The lodging sector is the third most targeted by hackers, according to the Trustwave 2020 Global Security report. Worth $1.3 billion in 2020, cybersecurity revenues in the travel and tourism sector are forecasted to reach $2.1 billion by 2025.
• The travel industry holds hugely valuable and sensitive data on every traveler. If these data points are not well protected, there are significant risks for the customers, who could have their data stolen. Such breaches can damage a company's reputation. Several high-profile companies within the sector have made negative headlines due to poor cybersecurity. Cybercriminals exploit the vulnerabilities within a cybersecurity strategy, so a rigorous approach is central to effective risk management. To tackle cyber threats, a company’s cybersecurity strategy must involve contingency planning, outlining immediate actions, post-breach responses, and an understanding of the company’s current cyber risks.
• The travel and tourism sector is becoming increasingly digitalized, embracing emerging technologies such as artificial intelligence (AI), the Internet of Things (IoT), and cloud. As the digital ecosystems of companies grow, they become more vulnerable to cyberattacks. The industry is fragmented, with direct suppliers sharing data with third-party intermediaries, increasing the number of potential entry points for attackers to exploit. Data is most secure when all companies across the travel and tourism value chain invest in all layers of the cybersecurity value chain. Collaboration is vital, and companies must ensure that all of their vendors also have suitable measures in place. It takes only one vulnerable device to compromise an entire network, impacting the reputation of a business and damaging both the companies they work with and customers’ security.

Scope

This report provides an overview of cybersecurity in travel and tourism.
This report explains why cybersecurity will continue to grow in importance for the travel and tourism industry.
This report outlines how an effective cybersecurity strategy is crucial for the traveler experience.
This report provides examples of what companies and organizations in the travel and tourism industry are doing in reaction to this theme, and how they create differentiation.
We highlight travel and tourism companies that are leading in this theme

Reasons to Buy

• To understand cyber risk and its current and future impact on the industry.
• To understand how key challenges that the travel and tourism sector is facing have accelerated the need for greater cybersecurity.
• To identify the leading adopters and specialist vendors of cybersecurity.
• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.