May 26, 2022by Will Payne
There has been a “significant jump” in travel fraud, according to recent data from consultancy RSM.
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The results showed a 120% increase in fraudulent consumer activity with regards to vacations, which RSM said was the result of an increase in vacation demand.
Despite a significant increase in risk, the number of companies that believe they are at risk has decreased. According to RSM’s The Real Economy report, more than a quarter (27%) of mid-market businesses, including those in the travel industry, have experienced a cyberattack in the past year, compared to one in five. (20%) last year. .
The study found that the number of businesses believing they are “very likely” to fall victim to a ransomware attack has dropped significantly, from 34% in 2021 to 24% this year.
To prevent an attack, travel companies have been urged to train senior managers so they have a clear understanding of cyber risks, ensure systems are configured to automatically apply security updates, and back up all data.
Ian Bell, partner and head of travel and tourism at RSM, said the “rapid shift” to working from home caused by Covid meant that travel businesses were initially more aware of the need for stricter cybersecurity measures as people were logging on to work from home, often using their own unsecured devices.
“Now, with companies already making an upfront investment in protecting their business and the focus shifting to being prepared to meet growing holiday demand, there is a risk that they will believe in wrong that they’ve done enough and have now developed a false sense of security,” he added.
“With the industry working hard to recruit workers to meet current levels of demand, it’s important that cybersecurity-related training is not overlooked when onboarding new employees.”
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