Travelex Paid Hackers: The Case
Travelex is one of the leading currency exchanging company in the world. It’s a company based in London, the capital city of the UK. Travelex is known for its very efficient and perfect work. Either you want USD or any other currencies, you can quickly get it here. Known for the door to door and fast delivery, its performance is unmatched. As a result, it tops the chart. But fame comes with a lot of consequences. Or in this case lots of BTC aka Bitcoins. As seen in recent years, many leading companies have come under cyber attack. Similarly, Travelex is also no more untouched. It was under attack of Ransomware. Travelex paid hackers to regain access.
Ransomware And Unique Code
As the name suggests, Ransomware is a type of malware that encrypts your data and sends it to the programmer of that particular Ransomware. It’s of the high-level encryption. Since every Ransomware is unique, it requires unique keys and software to decrypt. It’s only available with the programmer. In return, the hacker demands a ransom. If the user isn’t able to give the required money to the hacker, they leak all the data in the market.
This is a severe crime as this invades the privacy and data of users. Ransomware is very hard to tackle.
Travelex Paid Hackers: Ransom
For companies like Travelex, for whom data is crucial, data compromising is a huge issue. These companies rely heavily on the data of customers. So they have a top-notch technology installed. But even companies like Facebook have faced data breach incidents, so this a no brainer for Travelex. Travelex operations were crippled for almost all of January, with its public-facing websites, app, and internal networks entirely offline. It also reportedly interrupted cash deliveries to significant banks in the UK, including Barclays and Lloyds. The company had to pay hackers in BTC as they had no other options. They spent about 285 BTC that sums up to 2.3 mil dollars. After which they finally regained access to their system.