The director of a 160-year-old haulage firm put out of business by a cyber-attack has urged companies to be on their guard. Paul Abbott was on the board at Knights of Old, based in Kettering in Northamptonshire, whichwent into administration in 2023after critical financial data was corrupted. He said: "We felt we were in a very good place in terms of our security, our protocols, the measures we'd gone to to protect the business." Marks & Spencer (M&S) and the Co-ophave experienced severe disruptionrecently after being targeted by hackers, and a cyber-security expert in Bedfordshire warned it could happen to anyone. A ransom note from a hacker group was found buried in IT systems at Knights of Old. Despite efforts to maintain operations manually, the attack damaged key data, making it impossible to meet reporting deadlines set by lenders. And so the company, which opened in 1865 and was employing 730 people by 2023, was forced into administration. Mr Abbott urged bosses to check their IT systems: "There are hundreds of businesses being compromised. The issue is the reputational damage. "Whatever you think you've done, seriously get it checked by experts. People don't think it's going to happen to them." Cyber-security expert Tash Buckley from Cranfield University in Bedfordshire said smaller firms were at particular risk. "It really can happen to anyone. For larger companies, the great thing is you already have some of those processes, those procedures, you've trained your staff, you have enough money to get experts in to fix the incident as it's going on. "For smaller companies, it's more of an existential issue. They don't have the kind of finances that M&S have to get the experts in." Ms Buckley also highlighted the evolving nature of ransomware threats, warning of the rise of "ransomware as a service" models that combine data theft with system encryption, increasing the pressure on victims to pay ransoms. M&S has reported its cyber attack to the National Cyber Security Centre (NCSC). An NCSC spokesperson said: "The NCSC routinely engages with a whole range of organisations about the cyber-threats that the UK faces and regularly reminds them about the steps they can take to be as resilient as possible." Follow Northamptonshire news onBBC Sounds,Facebook,InstagramandX.
IT warning after hackers close 160-year-old firm
TruthLens AI Suggested Headline:
"Cyber-Attack Forces 160-Year-Old Haulage Firm into Administration"
Bbc News
7.3
TruthLens AI Summary
Paul Abbott, a director of the historic haulage firm Knights of Old, has issued a stark warning to businesses following a devastating cyber-attack that resulted in the company's administration. Founded in 1865 and employing 730 people at the time of its closure, Knights of Old faced a catastrophic breach when critical financial data was corrupted, leading to an inability to meet necessary reporting deadlines set by lenders. Abbott emphasized that despite their confidence in their security measures and protocols, the attack revealed vulnerabilities that even well-prepared companies can fall victim to. The situation highlights the increasing threat faced by businesses of all sizes, as noted by Abbott's call for companies to rigorously check their IT systems and consult cybersecurity experts to avoid similar fates. He pointed out the extensive reputational damage that can ensue from such breaches, underscoring the need for heightened vigilance in today's digital landscape.
The cyber-attack on Knights of Old is part of a broader trend affecting various sectors, with major retailers like Marks & Spencer and the Co-op also experiencing significant disruptions due to hacking incidents. Tash Buckley, a cybersecurity expert from Cranfield University, warned that smaller companies are particularly vulnerable, as they often lack the financial resources and expertise available to larger organizations. The emergence of ransomware as a service has compounded these risks, as it combines data theft with system encryption, pressuring victims to pay ransoms to regain access to their data. The National Cyber Security Centre (NCSC) is actively engaging with organizations to raise awareness of cyber threats and promote resilience against such attacks. The NCSC's spokesperson reiterated the importance of proactive measures and ongoing vigilance in safeguarding against evolving cyber threats, making it clear that no business is immune to these risks.
TruthLens AI Analysis
The article highlights the devastating impact of a cyber-attack on a long-established haulage firm, Knights of Old, which led to its administration. It serves as a cautionary tale for businesses regarding cybersecurity vulnerabilities, particularly emphasizing the risks faced by smaller companies. The narrative conveys a sense of urgency for organizations to reassess their IT security protocols in light of increasing cyber threats.
Purpose of the Publication
The primary aim of this news piece is to raise awareness about cybersecurity risks among businesses, particularly those that might underestimate their vulnerabilities. By showcasing the collapse of a 160-year-old firm, the article seeks to instill a sense of caution and prompt proactive measures within the corporate sector.
Public Perception
The article aims to foster a perception of heightened risk in the business community regarding cyber threats. It encourages companies to take cybersecurity seriously, potentially leading to a collective reevaluation of security protocols. There is an underlying message that cyberattacks can target anyone, regardless of size or reputation.
Potential Information Concealment
While the article focuses on the ramifications of the cyber-attack, it does not delve into the specifics of the attack's origin or the hacker group's identity. This omission might lead to speculation about whether there is a broader threat landscape that remains unaddressed or concealed.
Manipulative Aspects
There is a degree of manipulation in how the article emphasizes fear around cybersecurity, particularly for smaller businesses. While the message is crucial, the framing may induce a sense of panic rather than fostering a balanced understanding of the risks and mitigative strategies.
Reliability of the News
The news appears to be reliable as it cites credible sources, including cybersecurity experts and the director of the affected company. The account of the attack and its consequences is supported by testimonies and factual data. However, the emotive language used could skew perception towards alarmism.
Target Audience
The article likely resonates more with business owners, IT professionals, and policymakers. It seeks to engage those who may not prioritize cybersecurity, urging them to reconsider their practices and invest in robust security measures.
Impact on Markets
This news could have implications for the stock market, particularly concerning companies in sectors vulnerable to cyber-attacks. Investors may become more cautious regarding firms with inadequate cybersecurity measures, potentially affecting stock performance for those companies.
Geopolitical Relevance
Although the article primarily addresses a national business concern, it reflects a larger trend of cybersecurity threats that can have international ramifications. The increasing sophistication of cyber-attacks ties into global security discussions, especially concerning the protection of critical infrastructure.
Use of AI in Writing
There is no direct indication that AI was employed in the writing of this article. However, if AI were used, it might have influenced the tone and structure to make the piece more engaging or accessible. The presentation of expert opinions may have benefited from AI editing tools to ensure clarity and coherence.
In conclusion, this news article effectively conveys the urgency of cybersecurity awareness, particularly for smaller businesses. While it raises valid concerns, the sensational nature of the language could lead to an exaggerated sense of fear among readers. Overall, it serves as a vital reminder of the ongoing challenges in the digital security landscape.