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730 employees are losing their jobs after the June cyberattack.
KNP Logistics, one of the largest logistics companies in the UK, has declared bankruptcy, citing a ransomware attack in June this year. As a result, about 730 employees will lose their jobs, although the sale of one of the key divisions will help to save approximately 170 jobs.
This incident is a rare public example of the threat that ransomware can pose to businesses. However, as Raj Mittal, the administrator handling the bankruptcy process, noted, KNP Logistics Group was already experiencing financial difficulties before the attack.
We reported Latitude Group last month. The company's losses from the ransomware attack amounted to about $ 76 million, and only by a miracle was Latitude able to avoid bankruptcy.
Regarding KNP Logistics, according to experts, "a serious ransomware attack affected the company's key systems, processes and financial information, which negatively affected its financial position and, ultimately, its ability to attract additional investment."
In June, KNP Logistics was added to the list of victims of the Akira extortion gang. A month later, Avast specialists released a decoder for this threat, which gave hope to many Akira victims. It is not known whether KNP Logistics was able to use this decoder, but the outcome of this story, in any case, is already known.
In May of this year, the National Cyber Security Center (NCSC) and the Data Protection Authority (ICO) expressed concern that victims of ransomware attacks often hide incidents from law enforcement and regulators.
Meanwhile, the number of reported ransomware attacks in the UK has reached record levels. According to recent ICO data, cybercriminals compromised the data of more than 5.3 million people from 700 organizations in 2022.
An NCSC representative noted: "Ransomware is one of the most significant cyber threats to the UK, and such attacks can have far-reaching consequences."
KNP Logistics, one of the largest logistics companies in the UK, has declared bankruptcy, citing a ransomware attack in June this year. As a result, about 730 employees will lose their jobs, although the sale of one of the key divisions will help to save approximately 170 jobs.
This incident is a rare public example of the threat that ransomware can pose to businesses. However, as Raj Mittal, the administrator handling the bankruptcy process, noted, KNP Logistics Group was already experiencing financial difficulties before the attack.
We reported Latitude Group last month. The company's losses from the ransomware attack amounted to about $ 76 million, and only by a miracle was Latitude able to avoid bankruptcy.
Regarding KNP Logistics, according to experts, "a serious ransomware attack affected the company's key systems, processes and financial information, which negatively affected its financial position and, ultimately, its ability to attract additional investment."
In June, KNP Logistics was added to the list of victims of the Akira extortion gang. A month later, Avast specialists released a decoder for this threat, which gave hope to many Akira victims. It is not known whether KNP Logistics was able to use this decoder, but the outcome of this story, in any case, is already known.
In May of this year, the National Cyber Security Center (NCSC) and the Data Protection Authority (ICO) expressed concern that victims of ransomware attacks often hide incidents from law enforcement and regulators.
Meanwhile, the number of reported ransomware attacks in the UK has reached record levels. According to recent ICO data, cybercriminals compromised the data of more than 5.3 million people from 700 organizations in 2022.
An NCSC representative noted: "Ransomware is one of the most significant cyber threats to the UK, and such attacks can have far-reaching consequences."
