Travelex sites had to be taken offline due to a cyber incident after a software virus was discovered on New Year’s Eve. The foreign currency exchange company was forced to shut down online operations to stop the malware from spreading. Travelex is the world’s largest retail currency dealer and processes more than 5,000 transactions every hour. Branches are now handling exchange services manually until the problem is fixed.
Travelex issues a statement
The company maintains that no personal or customer data was compromised during the attack. Chief executive of Travelex, Tony D’Souza said:
“We regret having to suspend some of our services in order to contain the virus and protect data. We apologise to all our customers for any inconvenience caused as a result. We are doing all we can to restore our full services as soon as possible.”
Travelex declined to identify the kind of malware used in the attack. But they have reportedly asked for the help of IT specialists and cybersecurity experts to contain the virus and get affected systems back online.
This is not the first time an incident like this has happened to Travelex. In March 2018 the company accidentally exposed the personal details of thousands of Tesco Bank customers. The leaked database had details of 17,000 people including full names, emails, phone numbers, IP addresses and the final digits of bank cards.
Jamal Ahmed, Fellow of Information Privacy and Director of Kazient Privacy Experts comments on the attack,
“This incident is a good reminder that it is a case of ‘when’ and not ‘if’ when it comes to cyber attacks and incidents. Businesses can react better if they have an appropriate incident response plan and team in place with the appropriat training.”
Advising other companies, he further adds,
“The more prepared an organisation is, the less the operational and financial costs of dealing with such incidents will be.”
An upward trend of cyber attacks
According to a Hiscox Cyber Readiness Report, the frequency of cyber-attacks are on the rise yet companies are less prepared to combat attacks. As a business, investing heavily in cybersecurity should be at the top of your agenda. Failure to do so exposes your organisation to financial and non-financial losses as in the case of Travelex.
Kazient Privacy Experts offer bespoke Data Protection, Privacy and GDPR compliance solutions in a language you understand to UK and international organisations, and has received positive media coverage across Europe. Kazient’s GDPR consultants are fully certified to be your outsourced Data Protection Officer or EU Representative. Get in touch to find out how we can help your business by visiting our website www.kazient.co.uk or calling us on 0330 022 9009.