Travelex says British money transfer and wire services back online after hack


Travelex said that the first of its customer-facing systems in Britain was up and running again and a phased global restoration of systems 'firmly underway'. — Reuters

Travelex's British international money transfer service and wire offering is fully operational again, it said on Jan 28, almost a month after a crippling ransomware attack forced staff to use pen and paper to calculate foreign currency exchanges.

The cyber attack forced the company to take all its systems offline, causing chaos for New Year holidaymakers and business travellers seeking online currency services.

It is more than a week since the company, owned by Finablr, said that the first of its customer-facing systems in Britain was up and running again and a phased global restoration of systems "firmly underway".

Despite saying at the time that an automated order placement service used by a number of its British retail banking partners was already live, travel money websites at Tesco Bank, Barclays, HSBC and Virgin Money – all Travelex customers – were still offline when checked by Reuters on Jan 28.

Finablr said last week that the Travelex cyber incident would not impact 2019's results, nor was it expected to have a material impact on the company's performance in the current year.

Travelex, which was hit by ransomware called Sodinokibi, has not said if it paid any money to the hackers. British media reports, including from the BBC which said it had spoken with the hackers, have pegged the ransom demand at US$6mil (RM24.48mil).

However, Travelex's losses will be at least partly covered by a cyber insurance policy arranged by broker Gallagher, three insurance industry sources said.

Gallagher declined to comment, while Travelex did not respond to a request for comment. – Reuters

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Travelex Britain

   

Next In Tech News

Australia's Wright launches lawsuit over $5.7 billion bitcoin haul
Fed's Rosengren says important to understand trade-offs of digital currencies
Tesla to roll out improved self-driving technology in coming weeks - Musk
EU's Vestager says to study Amazon tax setback before deciding next steps
Takeaway.com publishes prospectus for proposed $7 billion GrubHub buy
Digital coin ether hits record high as 2021 gains near 500%
Uber, Lyft want more public subsidies to meet California EV mandates
Stellantis CEO sees chip supply crisis hitting carmakers 'hard and strong'
Analysis-Cyberattack exposes lack of required defenses on U.S. pipelines
Snap suspends apps Yolo and LMK after lawsuit over teen’s death

Stories You'll Enjoy


Vouchers