wbe.travel at Travolution Cyber Summit – Cyber security in travel companies

As travel rebounds from the COVID-19 pandemic it has emerged as among the top target for hackers looking to take advantage of the sector’s cyber vulnerabilities. The growing number of bookings, teams still working remotely, fragmented technology and travel’s innate vulnerabilities are all contributing to a surge in attacks on the tourism industry.

With finances severely damaged by the pandemic, travel firms cannot afford to become the victims of a malicious attack that could be avoided with the right measures and up-to-date technologies.

It’s essential to know how you can secure your travel portal against cyber attacks such as phishing, ransomware or other data intrusions. At wbe.travel we’re constantly upgrading our security systems for our clients’ platforms and we try to always be up-to-date with the latest news and trends for cybersecurity.

Our colleague Radu Ciubotaru has just attended Travolution Cyber Summit, to better understand what vulnerabilities travel companies might face in 2023 and beyond. Cyber security is important for all travel companies, of all sizes.

The Travolution Cyber Summit brings industry professionals and cyber and technology experts together to discuss the threat and what can be done to protect the travel industry. The event has showcased presentations and panel discussions featuring leading experts in cyber and travel technology to shed light and shared best practices in this vital area.

Travel agents think that they are too small to be targeted by hackers

WRONG: Your run-of-the-mill hacker doesn’t like to deal with mitigation teams and cyber security departments which work with the big firms. Travel accounts for almost HALF of all Fraud impact vs other online shopping verticals.

Travel agents think that they are not “interesting” for Phishing attacks and Ransomware

WRONG: Travel companies are GOLD mines of personal data for customers and are one of the best type of companies to target.

Travel agents think that they don’t have enough financial resources, thus Hackers would target richer companies.

WRONG: Hackers are very adept at demanding just enough money from each “victim” in order to make paying that amount “possible”. So while a big company would be asked to pay up to 100 Million or more, a small agency could be asked to pay anywhere from 5,000 to 50,000 EUR.

According to Travolution.com the 2019 IBM X-Force Threat Intelligence Index, the transportation industry is the second most-attached sector, up from seventh in 2017. The World Travel and Tourism Council has estimated that Cybercrime has cost the global economy $1 trillion and could reach $90 trillion by 2030. A report compiled with Microsoft found that 72% of SMEs in the UK, the US, and Europe have suffered at least one cyber attack. So there’s work to be done and we all have to take action as soon as possible.

Here at wbe.travel, we want to work towards a future where agencies will understand that they are data companies and that their passenger data security is paramount for their existence. If you’re interested in finding out more, simply ask us, here.