Travelex- your holiday money company under attack.
Statement from 36 Commercial, leading cyber barristers. At the height of the holiday season the foreign exchange company Travelex is being held ransom as a result of a cyber attack forcing the company to take down its websites in 30 countries. This has impacted directly on a large network of firms, such as Virgin Money, and major banks, such as Sainsbury’s, First Direct, who use Travelex services to sell currency online, and potentially on millions of people worldwide who bought their holiday money from Travelex.
Cyber attacks of this nature are becoming increasingly prevalent, and companies need proper pre-emptive legal protection to respond effectively in emergency situations of this kind, in order to protect the organisation’s reputation and their clients’ data". We at 36 Commercial commend to C-Suite executives the importance of joined up thinking when faced with the huge challenges of a cyber attack. At the centre of that thinking has to be obtaining specialist legal advice in order to minimise the threat of regulatory liability, the dangers of the increasing prospect of class actions and the lasting reputational damage.