Cyberattacks on hospitality businesses are more common than you may think, with hotels, restaurants, and other venues all prime targets for cybercriminals.
Recently, Australian hotel group TFE Hotels (which manages Adina, Vibe, Travelodge and Rendezvous Hotels, to name a few) became the victim of a widespread cyberattack that completely disrupted operations. The cyberattack impacted TFE’s networks, which meant that guests were unable to check in and phone lines had to be rerouted to the central customer service team.
Not only did the attack have massive impacts for TFE’s operations, but the cyber criminal group that claimed responsibility for the attack stated they would upload 530GB of stolen information. They claimed that this included financial information and contact details of employees and customers. However, they did not demand a ransom or provide a date.
Hospitality businesses a target for cyber criminals
Hospitality businesses can become a target for cybercriminals because the data they hold can be a lucrative asset for cyber criminals.
The common misconception is that only large companies (like TFE) can become targets. But the truth is, cyberattacks against small and medium businesses are becoming more frequent and expensive.
Think of it this way: If you have a website that accepts online bookings, you probably gather guest information such as names, phone numbers, emails and possibly payment details.
Staff information that is kept on file may include similar sensitive information, as well as bank details and tax file numbers.
And in the modern era, you almost definitely have a point-of-sale system that takes payments and stores digital receipts and card information.
All of this digital information represents a valuable commodity for cyber criminals.
Protecting your hospitality business with Cyber Liability insurance
If a cyberattack affected your business in the same way it affected TFE Hotels, would you be able to remain operational?
This is where Cyber Liability insurance could help.
Cyber Liability insurance is designed to cover a business for claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach.
If your business was to become the victim of a serious cyber incident, then Cyber Liability insurance could help you access a 24/7 IT support, cover financial losses, and help you get back to business as usual faster.
Compare Cyber Liability insurance quotes in minutes
BizCover understands the demands on hospitality workers. From getting prepped and dealing with the rush to managing staff and inventory, there’s probably not a lot of time left in the day to think about business insurance.
BizCover makes insurance simple. Compare multiple insurance quotes from selected leading Australian insurers in minutes, online or over the phone. Then you can get back to running your business and doing what you love.
For on the go cover, go BizCover.com.au or call 1300 805 821.
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
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