A 158-year-old UK transport company, KNP Logistics, has collapsed following a ransomware attack, resulting in the loss of 700 jobs.AdvertisementThe Akira hacker group allegedly gained access by guessing an employee’s password, then encrypted the company’s data and demanded a ransom, estimated at £5 million, BBC reported.According to KNP director Paul Abbott, hackers gained access to the network by exploiting a weak employee password, allowing them to encrypt company data and lock critical systems.The attackers demanded a ransom, reportedly around £5 million, in exchange for a decryption key.Despite having cyber insurance and following industry IT standards, KNP was unable to recover its systems or afford the ransom.It impacted the operations, leading to the company’s shutdown. KNP operated around 500 lorries, mostly under the Knights of Old brand.Without access to vital business systems or the financial resources to meet the ransom demand, the company was forced to stop operations.The National Cyber Security Centre (NCSC) fears 2025 could become the worst year on record for such attacks in the UK.
Weak password allows hackers to shut down UK’s 158-year-old transport company leaving 700 jobless
