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Weak password allowed hackers to sink 100 year old company - bbc news
Liz Luesley Marketing and Communications Manager at ITRM LIMITED Posted 1 day ago
One password is believed to have been all it took for a ransomware gang to destroy a 158-year-old company and put 700 people out of work.
Back in 2023, 'KNP Logistics Group', a transportation company, had around 500 lorries, and later that year, they declared their business insolvent because of one insecure password.
This was due to a lack of cyber hygiene, which enabled hackers to use 'guess' an employee's password, snowballing into a ransomware attack, with an estimated ransom of £5 million.
Due to the inability to afford the ransom, the cyber criminals released the data, and KNP ultimately declared bankruptcy, resulting in the loss of approximately 700 jobs.
This highlights the importance of having proactive monitoring in place to help anticipate and address potential cyber threats before they impact your business.
Our team at ITRM can help you secure your business and prevent this from happening to your business, speak to our team now:
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