Travelex confirms ransomware attack, expect no material financial impact for Finablr

Maria Nikolova

Although Travelex does not yet have a complete picture of all the data that has been encrypted, there is still no evidence to date that any data has been exfiltrated.

Travelex last night published an update regarding the cyber incident that has prompted it to take down its systems and to provide foreign exchange services on a manual basis.

The company confirms that the software virus affecting its systems is ransomware known as Sodinokibi, also commonly referred to as REvil. Travelex says that whereas there has been some data encryption, there is no evidence that structured personal customer data has been encrypted.

Although Travelex does not yet have a complete picture of all the data that has been encrypted, there is still no evidence to date that any data has been exfiltrated.

At present, the company is working towards recovery of all systems. To date Travelex has been able to restore a number of internal systems, which are operating normally. The company is working to resume normal operations as quickly as possible. Importantly, Travelex does not currently anticipate any material financial impact for Finablr PLC (LON:FIN).

Travelex is in touch with the National Crime Agency (NCA) and the Metropolitan Police and they are carrying out their own criminal investigations.

Below is the full announcement by Travelex issued last night:

“On Tuesday December 31st Travelex detected a software virus which had compromised some of its services. As previously announced, on discovering the virus, and as a precautionary measure, Travelex immediately took all its systems offline to prevent the spread of the virus further across the network.

Whilst the investigation is still ongoing, Travelex has confirmed that the software virus is ransomware known as Sodinokibi, also commonly referred to as REvil. Travelex has proactively taken steps to contain the spread of the ransomware, which has been successful. To date, the company can confirm that whilst there has been some data encryption, there is no evidence that structured personal customer data has been encrypted. Whist Travelex does not yet have a complete picture of all the data that has been encrypted, there is still no evidence to date that any data has been exfiltrated.

Having completed the containment stage of its remediation process, detailed forensic analysis is fully underway and the company is now also working towards recovery of all systems. To date Travelex has been able to restore a number of internal systems, which are operating normally. The company is working to resume normal operations as quickly as possible and does not currently anticipate any material financial impact for the Finablr Group.

Tony D’Souza, Chief Executive of Travelex, said “Our focus is on communicating directly with our partners and customers to protect them and their information from any further compromise. We take very seriously our responsibility to protect the privacy and security of our partner and customer’s data as well as provide an excellent service to our customers and we sincerely apologise for the inconvenience caused. Travelex continues to offer services to its customers on a manual basis and is continuing to provide alternative customer solutions in the interim. We are working tirelessly to bring our systems back online.”

Travelex is in discussions with the National Crime Agency (NCA) and the Metropolitan Police who are conducting their own criminal investigations, as well as its regulators across the world”.

Read this next

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

<