Weak Password Let Ransomware Gang Destroy 158YearOld Company

pA single compromised password brought down KNP Logistics putting 730 employees out of work and highlighting the devastating impact of cyber attacks on British businessesppOne password is believed to have been all it took for a ransomware gang to destroy a 158yearold company and put 700 people out of workppKNP Logistics a Northamptonshire transport company with roots dating back to 1865 became the latest victim of the Akira ransomware group in June 2024 joining tens of thousands of UK businesses that have fallen prey to such attacksppThe devastating breach began when hackers managed to gain entry to KNPs computer systems by guessing an employees password Once inside the Akira gang deployed ransomware that encrypted the companys essential data and locked down its internal systems demanding an estimated 5 million ransomppThe attack crippled KNPs ability to operate access financial records and secure crucial new funding ultimately forcing the 158yearold firm into administrationppKNP director Paul Abbott revealed the human cost of the cyber attack admitting he hasnt told the employee whose compromised password likely led to the companys destruction Would you want to know if it was you he asks highlighting the psychological burden these incidents place on workersppThe collapse of KNP is part of a broader wave of ransomware attacks targeting UK businesses Major retailers including Marks Spencer Coop and Harrods have all been hit by cyber criminals in recent months reads the BBC reportppMS suffered massive disruption after hackers deployed DragonForce ransomware resulting in estimated weekly losses of 40 million Meanwhile Coop confirmed that all 65 million of its members had their personal data stolen in a separate attackppRichard Horne CEO of the National Cyber Security Centre NCSC warns that organizations must urgently strengthen their defenses We need organisations to take steps to secure their systems to secure their businesses he said as the NCSC battles international ransomware gangsppThe financial impact of such attacks is escalating dramatically Research shows that over 80 of data breaches are linked to compromised credentials with the average cost of a UK cyber breach rising to 358 million between 2023 and 2024 For smaller businesses like KNP these costs can prove fatalppSmall and mediumsized enterprises SMEs are particularly vulnerable with 56 of all ransomware attacks in 2024 targeting businesses with fewer than 50 employeesppThe Akira group which emerged in March 2023 has specifically focused on SMEs across the UK and US earning an estimated 42 million from over 250 attacks in its first yearppCybersecurity experts emphasize that basic password hygiene remains the first line of defense Studies reveal that hacking tools can crack 96 of common passwords in less than a second while employees frequently reuse passwords across multiple accountsppAs UK authorities arrested four suspects connected to recent retail cyber attacks the message is clear no business regardless of size or history is immune from the ransomware threatppBoost detection reduce alert fatigue accelerate response all with an interactive sandbox built for security teams  Try ANYRUN Now ppCyber Security News is a Dedicated News Platform For Cyber News Cyber Attack News Hacking News Vulnerability Analysispp Copyright 2025 Cyber Security Newsp