Cybersecurity Threats and its Impact on the Hospitality Industry

Abstract

The multi-trillion dollar hospitality industry faces many cybersecurity threats due to its collection of sensitive data and technological growth. Cyberattacks, such as ransomware, data breaches, phishing, and DDoS attacks capitalize on vulnerabilities in inadequate infrastructure, poor employee training, and lack of vetting supply chains. This leads to financial losses, reputational damage, and sometimes even legal consequences. Eminent breaches, like Marriott and Starwood, express the urgent need for strong cybersecurity measures. The purpose of this industry commentary article is to examine and evaluate the impact cyberthreats have on the industry as well as solutions and strategies for risk reduction and preventive measures. This paper evaluates the root causes of these cyberthreats as well as insufficient frameworks and lack of response plans that impact its stakeholders, including consumers, businesses, and employees. By prioritizing cybersecurity in the hospitality industry, companies can mitigate risks, protect stakeholders, and ultimately maintain trust with their customers.