Travelex promises 'recovery roadmap'

Travelex promises 'recovery roadmap'

Despite its site still being down two weeks after a ransomware attack, Travelex insists it "continues to make good progress with its technology recovery".

Travelex services have been down since New Year's Eve. In a statement, the firm says it has restored some internal and order processing systems and is now moving onto customer-facing systems.

However, it has not said when normal service will be resumed, only promising that a "recovery roadmap" will be issued this week.

Travelex is also refusing to say whether it has, or will, pay the $6 million ransom being demanded by hackers from the group known as Sodinokibi or REvil, in exchange for stolen customer data.

In its statement, the company says that it is in ongoing communications with partners about the issue. Lloyds, Barclays and Royal Bank of Scotland are among those who are continuing to see their travel money services hit by a lack of notes.

Tony D’Souza, CEO, Travelex, says: “We are now at the point where we are able to start restoring functionality in our partner and customer services, and will be giving our partners additional detail on what that will look like during the course of this week."

Comments: (2)

A Finextra member
A Finextra member 14 January, 2020, 21:31Be the first to give this comment the thumbs up 0 likes

It is hardly surprising that a company like Travelex, a business that has failed to invest in it's IT capability for decades, finally gets to pay the price. Over two weeks without functioning technology and still no end in sight? This must mark the end of the road? Who would trust Travelex with their data after this debacle?

Steve McGinness
Steve McGinness - Cognizant - Glasgow 15 January, 2020, 09:26Be the first to give this comment the thumbs up 0 likes

It would be hard to see why anyone would trust Travelex in the future.  This incident has clearly shown that they have not invested sufficiently in security to ensure this did not happen, and when the worst did happen they did not have a contingency plan in place to resolve the situation.