COMMENT: Travelex Forced To Take Down Site Following Cyber Attack

Travelex has been forced to take down its website after a cyber attack, a decision that has affected other services that use its services, including Tesco Bank. 

The foreign-currency seller has been working on the issue since the software virus attack on New Year’s Eve. 


EXPERTS COMMENTS
Karl Sigler, Threat Intelligence Manager,  Trustwave SpiderLabs
January 23, 2020
This is where partnering with an MSP that specialises in business continuity.
As many were ringing in the new year, Travelex was forced to take a step back in time and handle foreign exchange services manually. The ransomware attack hit during one of the busiest travel seasons of the year, affecting travellers not only in the UK but in other countries as well. And travellers weren’t the only ones affected. Companies that use Travelex travel money services, including Asda ....
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Colin Bastable, CEO ,  Lucy Security
January 03, 2020
But at any given time, up to 30% of employees can easily fall for phishing attacks.
The Christmas/New Year period is ideal for phishing and other socially-engineered attacks – people are distracted, businesses are short-staffed and it is relatively easy to deliver a malware payload in a New Year-themed phishing email, or a fake year-end bonus email. Travelex makes for a juicy target – it is somewhat surprising that they were breached, but at any given time, up to 30% of empl ....
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Javvad Malik, Security Awareness Advocate,  KnowBe4
January 03, 2020
It is important for companies to conduct regular security checks such as penetration testing.
Details are very limited at this point as to what the cause of the attack was and to which extent Travelex systems have been impacted. The fact that the company can still conduct transactions over the counter would indicate that the attack is limited to the website and its functionality. Websites are the face of a company and are subject to the most attacks. It is important for companies to conduc ....
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Paul Bischoff, Privacy Advocate,  Comparitech
January 03, 2020
A shutdown like this can cause a lot of financial damage as a result of lost business.
Travelex has been tight-lipped about the details of the virus so far. Given that no customer data was leaked, I suspect the attack was intended to disrupt services rather than covertly steal information. Data breaches usually happen quietly unbeknownst to the victim. Ransomware seems a likely culprit, but it's difficult to say without more details. While customer info seems to be safe, that doesn' ....
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