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Definitely Doug 10/18/19
Posted: 12/06/2019

Sustainable Innovation
 
Sustainability can yield multiple benefits to hotels. Saving energy and water yields direct cost savings. Revenue can be generated by guests who prefer to deal with businesses that minimize their environmental impact. And many would argue that conserving scarce resources is simply the right thing to do.

Definitely Doug 12/6/19
Posted: 12/06/2019

Meetings Innovation
 
The sale and delivery of groups and meetings is perhaps the most significant and under-automated functions for many hotels. Even though groups often account for 30% to 60% of revenue, most group bookings are still handled manually for most if not all of steps, as they move from a meeting planner’s research to a confirmed booking.

The biggest enemy to any system is complexity. In a system of inputs and outputs, such as an enterprise system, more complexity means more parts are used in interaction with inputs to create the outputs. Every part that must be built and maintained costs time and money

Tracking the evolution of key performance indicators (KPIs) over time allows hoteliers to identify meaningful trends, create forecasts and budgets and assess the results of different strategies. To perform this kind of analysis, data has to be recorded within consistent time intervals and in chronological order. This is known as a time series.

Definitely Doug 11/15/19
Posted: 11/15/2019

Every time I turn around these days, I see a new vendor or product promising something called a complete Guest Experience Management, Guest Journey Management, or Guest Engagement (or some variation on those words). This week I looked at some of the emerging products claiming to be in this space, both to try to better understand it, and to see what promising ideas it may hold.



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AIG Study: Systemic Cyber Attacks Likely in 2017; Financial Services, Power/Energy, International Cyber Conflicts Key Concerns

05/10/2017
by Hospitality Upgrade

Nine in 10 global cyber security and risk experts believe that cyber risk is systemic and that simultaneous attacks on multiple companies are likely in 2017, according to a study issued by American International Group, Inc. (AIG).

More than half of survey respondents say a simultaneous attack on five to 10 companies is highly likely in the next year. More than one-third estimate the likelihood of a simultaneous attack on as many as 50 companies at greater than 50 percent. Twenty percent see an even greater threat, predicting a better than even chance that as many as 100 companies will be attacked.

AIG’s survey of cyber security and risk experts was conducted to gain a deeper understanding of the likelihood and impact of a globally systemic cyber-attack. The survey follows several high profile systemic cyber events including the Dyn Denial-of-Service (DDoS) and MongoDB ransomware attacks.

Tracie Grella, global head of cyber risk insurance, AIG said: “While data breaches and cyber related attacks have become more prevalent for individual businesses, concern about systemic cyber-attacks are on the minds of those in the very community dedicated to analyzing and preventing this threat.”

The leading industries identified by experts as most likely to experience a systemic attack this year are:

  • Financial Services (19 percent)
  • Power/Energy (15 percent)
  • Telecommunications/Utilities (14 percent)
  • Healthcare (13 percent)
  • Information Technology (12 percent)

Financial networks or transaction systems, internet infrastructure, the power grid, and the healthcare system would be vulnerable in attacks on these industries. Information technology companies, including software and hardware providers that support the backbone of the digital economy, were also seen as particularly susceptible.

“Our highly-networked economy relies on secure, expedient, and constant data flow and electronic communication,” said Grella. “Disruptions to the flow and security of data can have cascading impacts and negatively impact institutions that rely on such data.”Asked to rank specific scenarios, respondents selected a mass distributed DDoS attack on a major cloud provider as the most likely cross-sector mega event. For data theft or destruction scenarios, flaws in hardware or software widely used by the industry are most concerning.

The top three likely scenarios selected by experts are:

  • Financial Services. 15 companies breached. Mass business interruption. Mass DDoS coordinated against financial institutions.
  • Healthcare. 10 companies breached (e.g., hospital, pharmacy, insurer). Mass data theft. Flaw in commonly used electronic medical record software.
  • Retail/Hospitality. 25 companies breached. Mass data theft. Flaw in widely used payment processing software/hardware.

The worst-case-scenarios that were of greatest concern include:

  • Cyber cat-and-mouse war games, retaliation, and escalation to conventional battle between prominent nation states.
  • A power grid attack during times of system stress with widespread impact on the population.
  • A significant attack on telecommunications and utilities infrastructure that has a widespread impact on essential services.

To access the full study, please visit: http://www.aig.com/content/dam/aig/america-canada/us/documents/business/cyber/aig-cyber-risk-systemic-final.pdf

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