Marriot International, one of the biggest hotel chain across the world said that it took the charge of $126 Million data breach charge disclosed last year. The charge was booked in the latest quarter that plummeted their earnings for this year.
This year many multinational companies disclosed the data breach that led to disclose of hundreds of thousands of social security numbers, bank card number, etc. The data breach by the world’s largest hotel company leaked 383 Millions of guest data that includes passport and credit card information.
Recently companies such as Equifax and Capital One disclosed the information about the data breach from their records. Talking about Capital One, their data was hacked by the man who worked in the Seattle based company. This has led the tech giants to tie up and review their security networks again.
The luxurious hotel company profit slipped by 65% to $232 Million. The revenue fell by 1.9% to $5.31 Billion. In the second quarter of the year, it also reported $22 Million in expenses and recognized $22 Million of insurance in regards to insurance.
It has faced $126 Million fine from the UK government. In 2016. Marriot acquired Starwood Hotels which lead to the phase-out of the database in the process. The UK privacy system said that the hotels “should also have done more to secure its systems.”
Going forward to company’s latest plans, Marriot said in a press release that it’s going to open more vacation options to have a stress-free vacation. It also said that it’s going to open up five more resorts investing more than $500 Million and it is expected to open between 2022 and 2025.