The recent high-profile ransomware attack on foreign currency exchange specialist Travelex highlights the devastating results of a targeted cyber-attack. In the weeks following the initial attack, Travelex struggled to bring its customer-facing systems back online. Worse still, despite Travelex’s assurances that no customer data had been compromised, hackers were demanding $6 million for 5GB of sensitive customer information they claim to have downloaded.
Providing services to some of the world’s largest banking corporations including HSBC, Lloyds, Barclays and RBS, the attack will clearly have a significant long-term impact on Travelex’s reputation and revenues. The company also potentially faces a catastrophic fine if customer data is found to have been accessed illegally.
The escalating costs and consequences of data breach
In the EU, the financial repercussions of a data breach can be significant. Falling foul o ..
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