Travelex takes down systems offline as its services get compromised due to a ransomware attack

ReutersJan 08, 2020 10:25:29 IST

Travelex said on Tuesday a ransomware attack led to its systems being taken offline last week and the foreign exchange company does not expect any material financial impact for its United Arab Emirates-based parent company Finablr Plc.

Ransomware works by hackers targeting companies with malicious programs that can cripple systems overseeing everything from supply chains to payments to manufacturing, removing them only after receiving substantial payments.

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Computer specialists and external cybersecurity experts had been working since New Year's Eve to isolate the virus, Travelex said last week, adding its branches were continuing to provide foreign exchange services manually.

Statement on IT issues affecting Travelex Services pic.twitter.com/rpKagJLykn

— Travelex UK (@TravelexUK) January 2, 2020

New: After a period of quiet, Travelex now confirms Sodinokibi (REvil) ransomware was the cause of its cyberattack last week. It says there's "no evidence" that data was exfiltrated, and that it "does not currently anticipate any material financial impact" for its parent company. pic.twitter.com/mqyTmVpj8a

— Zack Whittaker (@zackwhittaker) January 7, 2020

The company is yet to ascertain what all data has been encrypted by the ransomware and said it was cooperating with Britain's National Crime Agency and the Metropolitan Police, who are conducting their own criminal investigations.