Paper calls for travel executives to consider data safeguards beyond compliance and place it in the heart of the customer experience to drive revenue / Cybercrime now a greater cost than ever to victim companies, seriously harming reputation, paper also finds
As the online channel becomes increasingly dominant in our business and personal lives, the risk of account takeover or identity theft are ever greater. This creates a significant burden for companies: today, cybercrime costs the victim company an average of 2.6 million dollars .
The Amadeus white paper, Safeguarding information systems: A lever for revenue growth, also reveals that this threat can actually be turned into a commercial opportunity, allowing companies to protect their sensitive information to improve the customer experience, grow their reputation, reduce risk exposure and ultimately improve the balance sheet.
Some of the white paper’s key findings include:
• Companies can use security initiatives to improve their customers’ experience and drive greater sales on their websites.
• There is a significant opportunity for airlines to unlock hidden revenues by reducing the number of valid transactions which are blocked by ineffective fraud management
• Storing sensitive data as tokens allows travel companies to eliminate sensitive data altogether from their organisations which greatly reduces the burden of meeting regulatory obligations.
• Automating fraud management controls can not only reduce the level of fraud which a company is exposed to but also reduce the hidden cost of fraud.
Celia Pereiro, Head of Travel Payments at Amadeus, said: “The global travel industry is facing complex challenges as a result of the growing risk of account takeover or identity theft. Nonetheless, at Amadeus, we believe this can also be a lever for growing top line revenues. With Safeguarding information systems: A lever for revenue growth we explore the mindset and initiatives required to realise this opportunity.”
A core recommendation of the paper is that companies take holistic approach to data security. Celia Pereiro continued: “To achieve the revenue opportunity, the responsibility for safeguarding data cannot be the domain of a single department but span the whole organization, with conversations across and beyond silos. We have developed this white paper with the explicit aim of driving these conversations between those responsible for assuring the safety of their companies’ data IT heads and commercial executives.”
Travelstart, an online travel agency from South Africa, and one of the paper’s key contributors, has leveraged data security technology on their mobile app to vastly improve the payment experience. Stephan Ekbergh, CEO and Founder of Travelstart Group, commented: “It shouldn’t take you as long to book a flight from Cape Town to J’burg as it does to fly there. With our new Flapp app our customers have gone from over 30 clicks to just 2 to book and pay for this trip, saving them valuable time.” To simplify the payment process in Flapp, Travelstart had to store their customers’ credit card details, which they convert to secure “tokens” with the help of Amadeus.The white paper also includes contributions from specialists including GlobalDataLock.com, Hold Security and Frost & Sullivan.
Safeguarding information systems: A lever for revenue growth brings together analysis and real world examples on data security, the rising impact of fraud, and the response of the industry.
The white paper will be presented by Anna Almqvist, Head of Sales and Commercial Travel Payments, Amadeus, at The Airline & Travel Payments & Fraud Summit (ATPS) in Fort Worth, Texas, USA.