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Finablr PLC (FIN)

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Wednesday 08 January, 2020

Finablr PLC

Statement re Travelex update on cyber incident

RNS Number : 0662Z
Finablr PLC
08 January 2020
 

8 January 2020

 

Finablr PLC

 

Statement regarding Travelex update on cyber incident

 

 

Further to the announcement on 2 January in relation to a cyber incident at Travelex, Finablr plc (the “Group”) is today providing a further update on the status of the investigation and remediation measures taken.

Travelex Ltd provided an update on 7 January 2020 confirming that the software virus detected on 31st December 2019 is a ransomware known as Sodinokibi, also known as REvil. Travelex been successful in containing the spread of the ransomware. Travelex has also confirmed that whilst there has been some data encryption, there is no evidence that structured personal customer data has been encrypted, and that there is still no evidence that any data has been exfiltrated. Travelex is gradually restoring a number of internal systems and is working to resume normal operations as quickly as possible.

Finablr’s other six brands are not affected and are operating normally. Finablr does not currently anticipate any material financial impact for the Group, continues to monitor the situation closely and will update the market as required.

 

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Enquiries

 

Finablr

 

Ryan Ayache, Head of Investor Relations +971 56 681 53 21

Faiz Akbar Habib, Head of Group Communications +971 52 623 11 13 / +44 7912 895375

 

Brunswick Group

Gill Ackers, Diana Vaughton +44 207 404 5959

 

Notes to Editors

Travelex Updated Travelex Statement on Cyber Incident

On Tuesday December 31st Travelex detected a software virus which had compromised some of its services. As previously announced, on discovering the virus, and as a precautionary measure, Travelex immediately took all its systems offline to prevent the spread of the virus further across the network.

Whilst the investigation is still ongoing, Travelex has confirmed that the software virus is ransomware known as Sodinokibi, also commonly referred to as REvil.  Travelex has proactively taken steps to contain the spread of the ransomware, which has been successful. To date, the company can confirm that whilst there has been some data encryption, there is no evidence that structured personal customer data has been encrypted. Whist Travelex does not yet have a complete picture of all the data that has been encrypted, there is still no evidence to date that any data has been exfiltrated.

Having completed the containment stage of its remediation process, detailed forensic analysis is fully underway and the company is now also working towards recovery of all systems. To date Travelex has been able to restore a number of internal systems, which are operating normally. The company is working to resume normal operations as quickly as possible and does not currently anticipate any material financial impact for the Finablr Group.

Tony D'Souza, Chief Executive of Travelex, said "Our focus is on communicating directly with our partners and customers to protect them and their information from any further compromise. We take very seriously our responsibility to protect the privacy and security of our partner and customers' data as well as provide an excellent service to our customers and we sincerely apologise for the inconvenience caused. Travelex continues to offer services to its customers on a manual basis and is continuing to provide alternative customer solutions in the interim. We are working tirelessly to bring our systems back online."

Travelex is in discussions with the National Crime Agency (NCA) and the Metropolitan Police who are conducting their own criminal investigations, as well as its regulators across the world.

 

About Finablr

Finablr is a global platform for Payments and Foreign Exchange solutions underpinned by modern proprietary technology. With deep regulatory know-how, a relentless focus on innovation and leading industry partnerships, Finablr' s group companies provide a broad array of tailored and trusted financial solutions for consumers and businesses across a wide network of digital channels, payments platforms and retail stores.

Finablr is present across the entire payments and foreign exchange value chain, from origination to processing to last-mile distribution. An integrated platform is at the heart of group's proposition, supporting an omni-channel strategy underpinned by best-in-class operating capabilities and connectivity to global payment networks. Driven by technology, the platform combines flexibility with significant economies of scale, making Finablr a partner of choice for leading global banks, financial institutions, retailers, mobile wallet providers and payment & technology companies.

Through its category renowned brands, including UAE Exchange, Travelex, Xpress Money, Unimoni, Remit2India, Ditto and Swych, Finablr processed over 150 million transactions in 2018, managing nearly USD 115 billion in volume for its customers. The groups global reach spans over 170 countries with relationships with more than 100 regulators.

For more information, visit the Finablr website: www.finablr.com 

 


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