Hospitality and leisure attract cyber attacks
by Gill Montia
Story link: Hospitality and leisure attract cyber attacks
The vast quantities of personal, identifiable information collected by the leisure and hospitality industry have made the sector a chief target for cyber attacks, according to Willis.
The broker’s cyber risk unit reports a 56% rise in cyber claims over the past year, with an increasing proportion of victims in the hospitality industry.
Willis warns that some breaches can cost in excess of $100 million and with more stringent data protection legislation coming into force, companies’ financial exposure to this type of crime will increase further.
Rogue employees, malicious attacks, and mistakes by outsourcing firms appear to be the main culprits, with hackers getting ever-more sophisticated in their attempts to drain corporate databases of customers’ personal details.
Willis’ London cyber team practice leader, Jeremy Smith, comments: “Willis is working closely with the insurance industry to stress test existing policies’ ability to address the nature of cyber crime and develop exclusive wordings that assist in the transfer of these risks.”
He adds: “Recent breakthroughs include the introduction of identity theft solutions and Payment Card Industry fines coverage, which helps to protect companies from penalties linked to the mismanagement of credit card data.”