Description: The hackers are keeping busy. Travelex, a company dealing in foreign exchange transactions, has been hit by a virus. Reports say the hackers are holding Travelex to a $3 million ransom under the threat of releasing personal data. In the interim, the company’s outlets at various airports will use manual processes to exchange currency.

Date:  January 10, 2020

Source:  cbc.ca

Link: https://www.cbc.ca/news/business/travelex-hacker-1.5422665

Discussion points:

1) Have you, or anyone you know, had to pay a ransom to repair a hack?

2) If you were an executive at Travelex, would you pay the ransom??

3) On page 430 of Wiley’s Financial Accounting: Tools for Business Decision-Making, you can read about Equifax. This is another organization that was hit with a major hack. How did Equifax respond to this threat?