Across the globe, major banking and financial institutions are coming under an unprecedented series of attacks from ransomware, or malicious software that hijacks an IT network and prohibits it from functioning until a ransom is paid to the hackers who caused the attack. The most recent ransomware attack focused on Travelex, a foreign-currency exchange company that facilitates cash deliveries for an international consumer base. 

According to extensive reporting from the New York Times, the latest ransomware attack to beset Travelex was incredibly effective; not only Travelex’s stores, but also the company’s airport counters and exchange services were taken offline due to the severity of the attack. Hackers cause such attacks because they want to force companies to grind their operations to a halt, a financially harmful development that the hackers hope will encourage the company to pay a ransom in order to get the attack stopped so they can get back in business. 

Major banks were disrupted by the attack, too, demonstrating the extent to which financial calamity can be spread by ransomware attacks which hit interconnected networks. Barclays, The Royal Bank of Scotland and HSBC were negatively impacted by the latest ransomware development, something banks have been forced to pay more attention to in recent years. Above all, the attacks highlight the need for strong reputation management when technology and cybersecurity are breached. 

This is due to the fact that, according to one analysis put forward by the BBC, ransomware attacks have been surging in recent years.  From 2016 to 2017, for instance, the BBC reports that ransomware attacks grew by roughly 50 percent in just one year’s time. Besides being tumultuous for companies, ransomware attacks also disrupt user experiences and force customers to find alternative services which may not always be readily available. Airport-goers who needed access to a foreign-currency exchange company in the midst of their travels would not be able to rely on Travelex due to the attack, for instance. 

Travelex was quick to notify the public that no consumer data had been breached or stolen by hackers, and the company has since argued that it has contained the threat which caused the initial shutdown of its services, per a corporate press release. While the press release claims the company does not have evidence data was exfiltrated from its system, the hacker group in question told the BBC that they had made off with about five gigabytes of sensitive data which they then threatened to release unless a ransom was paid.

The growth of ransomware attacks around the globe has led governments and private companies alike to scramble for solutions to the problems poised by hackers. Clever mathematicians may find themselves in hot demand over the next few years when it comes to thwarting such future attacks. IT specialists are being recruited across the board by major financial actors to thwart such future attacks. No IT system is ever truly entirely secure, however, so such ransomware attacks will likely continue well into the future, especially if they continue to prove themselves to be profitable endeavors worthy of the time and attention of hackers.