Travelex – a foreign exchange company based in London, with over 1,200 locations worldwide – suspended some of its online services and its app after it was hit by a malware attack on New Year’s Eve. Although its branches were in operation as of Thursday, January 2, workers performed transactions manually with calculators, receiving exchange rates by phone. The company has stated that no customer data has appeared to have been compromised.
According to a 2019 survey conducted by Lloyds Bank, cybersecurity has emerged as an investment priority for financial firms in the United Kingdom, with companies increasing their budget allocation to enhance cybersecurity capabilities. Given the vast amount of data financial services companies hold, the industry is a primary target for cybercriminals.
Third-party forensic investigators from specialist firms are examining the exact nature of the attack, and trying to establish its root cause, according to a person familiar with operations at Travelex. It has notified regulators, including U.K. watchdog the Financial Conduct Authority, the person said.