Marriott International Data Hack Could Cost $1 billion
Marriott International have confirmed a data breach which has affected over 500 million customers.
It has been reported that the hospitality giant suffered a hack on their booking system, which its used by brands including Sheraton Hotels, Aloft Hotels, Marriott Hotels and Tribute Portfolio.
In one of the sectors’ largest cyber liability incidents, guests who made bookings before 10th September this year may have had information such as their name, address, contact details and credit card numbers lifted.
Officials have been informed about the breach and Marriott has set up a 24 hour phone hotline and a new website to deal with queries and concerns regarding the cyber attack. By visiting the site clients can also avail of a complimentary year long subscription to WebWatcher, which monitors websites where personal information is shared and alerts users if it finds their data.
The $1 billion Data Breach
Bloomberg have estimated that this latest estimate could cost the hotel chain up to $1 billion. The cost includes a potential fine of u around $450 million under Europe’s new GDPR legislation.
Other financial repercussions include the cost of the web monitoring services, replacement of passports and the monitoring of the customer hotline.
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For more information on prioritising cyber-security and protecting yourself with robust cover, contact the insurance professionals at ABL Group today.
We can help ensure your business is properly protected against the financial and reputational damage caused by data breaches and our Cyber team can advise on reducing the risk of an incident.