Data security – we all know we need it, we think about it every now and then but most of us never do anything about it until it’s too late.
According to Amadeus, travel businesses are not only putting their information and clients at risk, they also risking thousands or even millions of dollars to cybercrime.
It sounds a little dramatic but it’s actually a scary truth.
A new Amadeus White Paper found cyber crimes are a significant burden for companies especially smaller companies because it can prevent them from working (if their website or systems are shut down) and cause them to lose customers, especially if the criminal accesses credit card and personal information.
However, safeguarding information systems can have the opposite effect and even help travel companies make more money.
How?
The White Paper revealed businesses that protect sensitive information can improve the customer experience and grow their reputation. This will lead to greater sales through direct channels and via websites.
Protecting data doesn’t only mean installing the latest technological guards, it can also mean eliminating sensitive information altogether from the organisations which greatly reduces the burden of meeting regulatory obligations.
“The global travel industry is facing complex challenges as a result of the growing risk of account takeover or identity theft.”
Celia Pereiro, Amadeus Head of Travel Payments
“With Safeguarding information systems: A lever for revenue growth we explore the mindset and initiatives required to realise this opportunity.”
A core recommendation of the paper is that companies take holistic approach to data security.
“We have developed this white paper with the explicit aim of driving these conversations between those responsible for assuring the safety of their companies’ data IT heads and commercial executives,” she said.