One of the UK’s largest logistics firms, KNP Logistics Group, has entered administration following major disruption to its business, caused by a ransomware based cyber-extortion attack that occurred in June.
Over 700 jobs are expected to be lost as a result of the administration decision.
The company was founded in 1865, operated from 10 locations throughout the UK and Ireland, and had more than 300 vehicles and 400 trailers in service.
Commenting, Joseph Carson, Chief Security Scientist & Advisory CISO at Delinea, told Resilience Forward:
The news of one of the UK’s largest privately-owned logistics companies, KNP Logistics Group, entering administration following the devastating impact of a ransomware incident, showcases that cyber attacks in the digital world have a real-world impact, especially when the business is unable to recover.
The impact of ransomware is significant, as it doesn’t just put data and systems at risk but ultimately jeopardizes the business and people’s jobs.
Ransomware is not solely an IT or security incident; it is a business incident, and it requires a business incident response. What happened to KNP Logistics serves as a reminder that all organizations can be a target for ransomware gangs and that no company is too big or too small, if you have technology and data that the business relies on, you are a potential target.
With the shift from cyber security to cyber resilience, it is essential to realise that any business, at any time, can become a victim of ransomware. This highlights how critical it is to quickly detect malicious access and activity, have a strong incident response plan, and a ransomware resilient backup and recovery strategy.
