CyberNews Briefs

Travelex Forced into Administration After Ransomware Attack

Travelex, which operates over 1,000 ATMs and 1,000 stores globally, has been forced into administration and plans to eradicate 1,000 employee positions following a ransomware attack. Last week, PwC announced that it will join the currency exchange business as administrators. The company provides services for banks, supermarkets, and travel agencies around the globe, with locations in more than 60 countries.

The combination of the December ransomware attack and the COVID-19 pandemic has allegedly crippled the business, leading to the layoffs, which will affect over 1,000 employees. On New Year’s Eve last year, the REvil ransomware variant targeted and attacked Travelex, forcing its systems offline and impacting brick and mortar stores. Travelex’s customer-facing systems were unavailable for over two weeks in the UK, coming back online on January 17.

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