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Travelex Ransomware Attack - What went wrong with Travelex?

Travelex – What Went Wrong

Travelex is a foreign exchange company who has been founded by Lloyd Dorfman. In 1976, they started operating their first branch in central London. The primary businesses of Travelex are international payments, bureaux de change and issuing prepaid credit cards for use by travellers as well as global remittances. It is the largest foreign exchange bureau in the entire globe.

History of Travelex Ransomware Attack

On 31 December 2019, Travelex took its UK and international websites and mobile apps offline after claiming a report of a cyberattack. This action affects several large third parties to whom Travelex provides a white-labelled service including online travel money services of supermarket chains such as Tesco and Sainsbury’s.

On 7 January 2020, it was revealed that the whole company was being held to ransom (kidnapped) by hackers. These hackers demanded payment in exchange for either restoration of IT systems or the preservation of customer data and a deadline of seven days payment.

Travelex Ransomware Attack

These criminals had demanded £4.6 million ($6 million) in ransom from Travelex after infecting its network with Sodinokibi ransomware. This group, also named as REvil, claims to have gained access to the company’s computer network six months ago. By gaining access of computer network, they have downloaded 5GB of sensitive customer data. In which, it includes dates of birth, credit card information and national insurance numbers that were all in their possession, they say.

Essential tips from our experts to threat similar accident like Travelex Ransomware Attack:

Learning from this Travelex experience, the best advice is – reduce the risk of data breaches, rather than dealing with the consequences. Some essential tips to avoid the threat of ransomware are as follows:

1] Most malware is sent via emails so don’t click on any links, no matter how genuine they may seem to be.

2] Backing up of files or data you regularly use, mostly keep to an offline storage device, so it doesn’t get encrypted.

3] Make full use of anti-virus, firewalls and web filters to help in minimising the risk of ransomware attacks.

4] Hackers often exploit known vulnerabilities, so be sure always to download patches and updates immediately as soon as they become available.

5] The malware executes with the privileges and access rights as whoever executed or performed it. Check the user privileges regularly and only permit access to data parts of the system on a ‘need to know’ basis.

6] There is no security for such that you’ll get your data back or that hackers won’t leave other malware behind. Indeed, experts warn that paying up makes you and others more of a target in future.

At Open Minds, we have experts who have been working in the field for more than a decade now. Our team of experts deals with such disasters with expertise and robust solutions. To know more about how to protect your data from such a disaster contact us know, by clicking here.



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