Travelex, ransomware and beyond

2020 saw ransomware gang, REvil, strike Travelex in a hack that forced the foreign exchange company to go offline as the gang held its customers’ sensitive data hostage. 

The software virus known as ‘Sodinokibi’ began attacking the firm’s website on New Year’s Eve, forcing Travelex to shut down 30 websites, with demands of $6m (£4.6m) to be paid within two days or risk doubling the payments. 

The incident led to Travelex working offline, with staff providing foreign-exchange services using pen and paper to transact business, as the organisation worked with the police to resolve the incident, restore their systems and bring the guilty to justice. 

More technology means easier access into an organisation for cyber criminals, increasing the opportunity for ransomware attacks – so what can businesses do to thwart cyber warriors? 

Specialists from RSM’s Global Risk Advisory Services, take a circumspect view of the types of attacks that are on the rise.