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Cyber attack results in a logistics business going under

If you think cyber-attacks are just about stealing data, think again.

Kettering based haulage and logistics firm, Knights of Old has sadly entered administration as a direct result of a cyber-attack.

Founded in 1865, Knights of Old started out as a single horse and cart in 1865 and grew to become of the UK’s largest privately owned logistics companies.

In June 2023, KNP Logistics Group – the parent company of Knights of Old, suffered a major ransomware attack which affected key systems, processes and financial information.

This resulted in irreparable damage to the group’s financial position and its ability to secure additional investment and funding. It is understood that around 730 employees will be made redundant as a result.

You can read the full story here.

When looking at insurance costs, we often hear clients say that cyber insurance is an unnecessary expense, or that the business would be fine if a cyber-attack happened.

Sadly, this story perhaps demonstrates the reality of a cyber event and the impact not only on the business, but on the people it employed.

No industry sector is immune and it doesn’t matter how big or small your company is. A Cyber attack can destroy any business at any time.

Three questions we ask our clients are, do you:

  • Know your cyber risk?
  • Control your cyber risk?
  • Insure your cyber risk?

In light of this example, can you afford to be without a resilient cyber programme?

 

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