MANAGEMENT

Detailed explanation-1: -The Travelex ransomware attack highlights the need for tested incident response plans that go beyond the basics of IT security.

Detailed explanation-2: -About Travelex The deadly concoction of a ransomware payout and COVID 19 has jeopardised a 40-year old business that was once a paragon of popularity and excellence in its domain.

Detailed explanation-3: -Hackers are holding foreign exchange company Travelex to ransom after a cyber-attack forced the firm to turn off all computer systems and resort to using pen and paper.

Detailed explanation-4: -There was just one cause of the Travelex attack: a simple mistake. The patch for the software vulnerability that allowed the criminals access to Travelex’s systems had been patched more than six months prior to the attack. Had the patch been applied to Travelex’s servers, there would have been no attack.

Detailed explanation-5: -Cyber attacks occur when an individual, group, or organized gang attempts to maliciously breach the security system of another person or organization. While this might prompt you to envision hackers breaking into an online banking system to steal billions, the most common example of a cyber attack is a data breach.