The Cyber Risk of the Hospitality Industry

hospitality risk

A cyber attack can spell financial ruin for many companies. Not only can it hurt your company financially, but it can sour your reputation. The hotel industry is, particularly at risk. Fortunately, there are ways to mitigate those risks.

Why Is the Hospitality Industry at Risk?

All businesses have cyber risks. The hotel industry tends to have more cyber risks than most, however. This is because hotels rely heavily on technology. Hotels have interconnected systems and guests have technological access. In addition, most hotels are franchises and hence connected to other hotels. When hackers breach a hotel’s system, they can have access to a large array of financial and guest information.

Can You Mitigate the Risks?

To mitigate the risk, you need a plan. You need to understand the scope of hospitality risk. In addition to understanding where you need additional security, you need to train your employees and staff in risk mitigation. Employees need to understand how to spot phishing schemes and how to take protect cybersecurity.

To adequately mitigate cyber liability risks, hotels have to create a plan to handle their specific exposures. A cyber liability policy helps create a safety net for hotels, but businesses need to stay proactive too. An insurance provider that can assist with coverage and risk mitigation is best for hospitality businesses.