Ransomware, one of the fastest-growing malware hazards of the 21st century, threatens businesses and public institutions around the world. A particularly virulent and fast-evolving species of malicious software, it infects computers and mobile devices, often spreading across networks to other devices. Once it compromises a system, it quietly encrypts every data file it finds, then displays a ransom note to the user demanding an online payment of hundreds or thousands of pounds (to be paid in cryptocurrency like Bitcoin) in return for the decryption keys needed to restore the user’s locked files.

How many articles have you read that highlight the devastation of a ransomware attack? Convinced a ransomware attack won’t happen to you? Are you willing to bet your business on it? Projected to attack one business every 14 seconds by the end of this year, ransomware attacks are not just heavy on the purse but can have a devastating impact on lost sales, customer relationships, brand reputation and overall compliance.

Ransomware and cyberattacks are in the news almost daily now. Small businesses are known to have weaker cybersecurity solutions in place and service providers are having a difficult time selecting, integrating and implementing modern solutions to prevent attacks. By 2021, the rate of ransomware impacting business is projected to be 11 attacks per minute.

While most of the world was readying their New Years' Eve celebrations, Travelex was facing a devastating ransomware attack. In the early hours of December 31, the FinabIr-owned foreign exchange company was hit with Sodinokibi, a powerful ransomware strain that rendered Travelex websites in 20 countries inaccessible and left its airport outlets without access to the internet or email.  Travelex IT teams have been working since New Year’s Eve to restore the affected systems and isolate the virus. Travelex has declined to comment on whether it will pay the ransom but, either way, this is not a good look for Travelex.