Weak Password
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Simple Password a Fatal Flaw: 158-Year-Old Company Shuttered by Ransomware Attack, Hundreds Lose Jobs
A 158-year-old British transportation firm, Knights of Old (KNP), has ceased operations after a ransomware attack stemming from a weak employee password. Hackers encrypted critical data, demanding a £5 million ransom which KNP couldn’t afford. Despite having cyberattack insurance, the damage was catastrophic, with all data, servers, and backups compromised. The UK’s NCSC is working to combat the rising threat of ransomware, which averages around £4 million in demands for UK companies. The incident resulted in approximately 700 job losses.
