Latest news with #Co-op
Time of India
a day ago
- Business
- Time of India
One password, 700 jobs lost: How a ransomware attack crushed a 158-year-old UK firm
It took just one weak password for cybercriminals to bring down KNP, a 158-year-old transport company based in Northamptonshire—leaving 700 people without jobs and a legacy in ruins. KNP, which operated a fleet of 500 lorries under the Knights of Old brand, is one of tens of thousands of UK businesses hit by ransomware gangs. Even retail giants like M&S, Harrods, and Co-op have been recent targets. Co-op's CEO confirmed that data from all 6.5 million members had been stolen in a recent attack. Explore courses from Top Institutes in Please select course: Select a Course Category Data Analytics healthcare Public Policy Cybersecurity Digital Marketing Product Management MCA MBA Management Data Science Healthcare Artificial Intelligence Degree PGDM Finance others Design Thinking Project Management Leadership Data Science Others CXO Operations Management Technology Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details In KNP's case, the breach likely began with hackers guessing a single employee's password. That opened the door to a full-scale digital siege. The attackers, identified as the notorious Akira ransomware group, encrypted the company's systems, locking staff out of critical data. The only way out? Pay a ransom that experts estimated could be as high as £5 million—a sum KNP couldn't afford. "If you're reading this it means the internal infrastructure of your company is fully or partially dead…Let's keep all the tears and resentment to ourselves and try to build a constructive dialogue," read the ransom note. Despite industry-compliant IT systems and cyber insurance, KNP had no way to recover its data. The company collapsed under the weight of the attack. Director Paul Abbott, visibly shaken, says he never told the employee whose password may have triggered the disaster. Live Events The UK has been the victim of many high-profile ransomware attacks in recent years, from the "WannaCry" cyber attack that crippled Britain's National Health Service in 2017 to the British Library suffering disruption when it refused to pay a ransom in 2023. Ransomware, which is malicious software used by criminals to access victims' computer systems, encrypt data, or steal information and hold it hostage until a ransom is paid, is estimated to cost the economy millions of pounds each year.
South Wales Argus
a day ago
- Business
- South Wales Argus
Businesses to notify government about ransom payments in cyber crime crackdown
The Home Office's proposals come after Marks & Spencer has refused to say if it paid a ransom to hackers in a major attack earlier this year. New measures would ban public sector bodies and operators of critical national infrastructure from paying ransom demands to hackers. The Home Office said this would help 'smash the cyber criminal business model' and make UK public services and businesses a less attractive target for ransomware groups. Nearly three-quarters of respondents involved in a public consultation, opened in January, showed support for the proposal, it said. Furthermore, under the proposals, businesses not covered by the ban would be required to notify the government if they intended to pay a ransom. The Government hopes this would allow it to give affected businesses advice and support, including alerting them if such a payment would risk breaking the law by sending money to sanctioned cyber criminal groups, many of whom are based in Russia. Ransomware refers to software used by cyber criminals to access the computer systems of its victims, which can then be encrypted or data stolen until a ransom is paid. M&S was targeted by hackers in April, forcing it to shut down its website for six weeks and costing the business an estimated £300 million. Co-op's hackers accessed data from all 6.5 million of its members (Co-op/PA) Co-op also had to shut off parts of its IT systems after a cyber attack that resulted in all 6.5 million of its members' personal data being stolen – including names, addresses and contact information. M&S's chair Archie Norman said earlier this month that the hack was believed to be instigated by hacking group Scattered Spider and an Asia-based ransomware operation named DragonForce. He refused to say whether or not the retailer had paid a ransomware demand following the attack, but said the 'damage had been done' once its systems were compromised. Security minister Dan Jarvis said: 'Ransomware is a predatory crime that puts the public at risk, wrecks livelihoods and threatens the services we depend on. 'That's why we're determined to smash the cyber criminal business model and protect the services we all rely on as we deliver our plan for change.' The chief executive of the British Library, Rebecca Lawrence, said it had been the 'victim of a devastating ransomware attack in October 2023'. 'The attack destroyed our technology infrastructure and continues to impact our users, however, as a public body, we did not engage with the attackers or pay the ransom,' she said. 'Instead, we are committed to sharing our experiences to help protect other institutions affected by cyber crime and build collective resilience for the future.' Co-op's chief executive Shirine Khoury-Haq said she welcomed the Government's proposals, adding: 'We know first-hand the damage and disruption cyber attacks cause to businesses and communities.' The package of measures could also result in the introduction of a mandatory reporting regime, which would give law enforcement greater intelligence to track down perpetrators, according to the Home Office.
Glasgow Times
2 days ago
- Business
- Glasgow Times
Businesses to notify government about ransom payments in cyber crime crackdown
The Home Office's proposals come after Marks & Spencer has refused to say if it paid a ransom to hackers in a major attack earlier this year. New measures would ban public sector bodies and operators of critical national infrastructure from paying ransom demands to hackers. The Home Office said this would help 'smash the cyber criminal business model' and make UK public services and businesses a less attractive target for ransomware groups. Nearly three-quarters of respondents involved in a public consultation, opened in January, showed support for the proposal, it said. Furthermore, under the proposals, businesses not covered by the ban would be required to notify the government if they intended to pay a ransom. The Government hopes this would allow it to give affected businesses advice and support, including alerting them if such a payment would risk breaking the law by sending money to sanctioned cyber criminal groups, many of whom are based in Russia. Ransomware refers to software used by cyber criminals to access the computer systems of its victims, which can then be encrypted or data stolen until a ransom is paid. M&S was targeted by hackers in April, forcing it to shut down its website for six weeks and costing the business an estimated £300 million. Co-op's hackers accessed data from all 6.5 million of its members (Co-op/PA) Co-op also had to shut off parts of its IT systems after a cyber attack that resulted in all 6.5 million of its members' personal data being stolen – including names, addresses and contact information. M&S's chair Archie Norman said earlier this month that the hack was believed to be instigated by hacking group Scattered Spider and an Asia-based ransomware operation named DragonForce. He refused to say whether or not the retailer had paid a ransomware demand following the attack, but said the 'damage had been done' once its systems were compromised. Security minister Dan Jarvis said: 'Ransomware is a predatory crime that puts the public at risk, wrecks livelihoods and threatens the services we depend on. 'That's why we're determined to smash the cyber criminal business model and protect the services we all rely on as we deliver our plan for change.' The chief executive of the British Library, Rebecca Lawrence, said it had been the 'victim of a devastating ransomware attack in October 2023'. 'The attack destroyed our technology infrastructure and continues to impact our users, however, as a public body, we did not engage with the attackers or pay the ransom,' she said. 'Instead, we are committed to sharing our experiences to help protect other institutions affected by cyber crime and build collective resilience for the future.' Co-op's chief executive Shirine Khoury-Haq said she welcomed the Government's proposals, adding: 'We know first-hand the damage and disruption cyber attacks cause to businesses and communities.' The package of measures could also result in the introduction of a mandatory reporting regime, which would give law enforcement greater intelligence to track down perpetrators, according to the Home Office.
Western Telegraph
2 days ago
- Business
- Western Telegraph
Businesses to notify government about ransom payments in cyber crime crackdown
The Home Office's proposals come after Marks & Spencer has refused to say if it paid a ransom to hackers in a major attack earlier this year. New measures would ban public sector bodies and operators of critical national infrastructure from paying ransom demands to hackers. The Home Office said this would help 'smash the cyber criminal business model' and make UK public services and businesses a less attractive target for ransomware groups. Ransomware is a predatory crime that puts the public at risk, wrecks livelihoods and threatens the services we depend on Security minister Dan Jarvis Nearly three-quarters of respondents involved in a public consultation, opened in January, showed support for the proposal, it said. Furthermore, under the proposals, businesses not covered by the ban would be required to notify the government if they intended to pay a ransom. The Government hopes this would allow it to give affected businesses advice and support, including alerting them if such a payment would risk breaking the law by sending money to sanctioned cyber criminal groups, many of whom are based in Russia. Ransomware refers to software used by cyber criminals to access the computer systems of its victims, which can then be encrypted or data stolen until a ransom is paid. M&S was targeted by hackers in April, forcing it to shut down its website for six weeks and costing the business an estimated £300 million. Co-op's hackers accessed data from all 6.5 million of its members (Co-op/PA) Co-op also had to shut off parts of its IT systems after a cyber attack that resulted in all 6.5 million of its members' personal data being stolen – including names, addresses and contact information. M&S's chair Archie Norman said earlier this month that the hack was believed to be instigated by hacking group Scattered Spider and an Asia-based ransomware operation named DragonForce. He refused to say whether or not the retailer had paid a ransomware demand following the attack, but said the 'damage had been done' once its systems were compromised. Security minister Dan Jarvis said: 'Ransomware is a predatory crime that puts the public at risk, wrecks livelihoods and threatens the services we depend on. 'That's why we're determined to smash the cyber criminal business model and protect the services we all rely on as we deliver our plan for change.' The chief executive of the British Library, Rebecca Lawrence, said it had been the 'victim of a devastating ransomware attack in October 2023'. We know first-hand the damage and disruption cyber attacks cause to businesses and communities Shirine Khoury-Haq, Co-op 'The attack destroyed our technology infrastructure and continues to impact our users, however, as a public body, we did not engage with the attackers or pay the ransom,' she said. 'Instead, we are committed to sharing our experiences to help protect other institutions affected by cyber crime and build collective resilience for the future.' Co-op's chief executive Shirine Khoury-Haq said she welcomed the Government's proposals, adding: 'We know first-hand the damage and disruption cyber attacks cause to businesses and communities.' The package of measures could also result in the introduction of a mandatory reporting regime, which would give law enforcement greater intelligence to track down perpetrators, according to the Home Office.
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
Businesses to notify government about ransom payments in cyber crime crackdown
New measures would ban public sector bodies and operators of critical national infrastructure from paying ransom demands to hackers. The Home Office said this would help 'smash the cyber criminal business model' and make UK public services and businesses a less attractive target for ransomware groups. Nearly three-quarters of respondents involved in a public consultation, opened in January, showed support for the proposal, it said. Furthermore, under the proposals, businesses not covered by the ban would be required to notify the government if they intended to pay a ransom. The Government hopes this would allow it to give affected businesses advice and support, including alerting them if such a payment would risk breaking the law by sending money to sanctioned cyber criminal groups, many of whom are based in Russia. Ransomware refers to software used by cyber criminals to access the computer systems of its victims, which can then be encrypted or data stolen until a ransom is paid. M&S was targeted by hackers in April, forcing it to shut down its website for six weeks and costing the business an estimated £300 million. Co-op's hackers accessed data from all 6.5 million of its members (Co-op/PA) Co-op also had to shut off parts of its IT systems after a cyber attack that resulted in all 6.5 million of its members' personal data being stolen – including names, addresses and contact information. M&S's chair Archie Norman said earlier this month that the hack was believed to be instigated by hacking group Scattered Spider and an Asia-based ransomware operation named DragonForce. He refused to say whether or not the retailer had paid a ransomware demand following the attack, but said the 'damage had been done' once its systems were compromised. Security minister Dan Jarvis said: 'Ransomware is a predatory crime that puts the public at risk, wrecks livelihoods and threatens the services we depend on. 'That's why we're determined to smash the cyber criminal business model and protect the services we all rely on as we deliver our plan for change.' The chief executive of the British Library, Rebecca Lawrence, said it had been the 'victim of a devastating ransomware attack in October 2023'. 'The attack destroyed our technology infrastructure and continues to impact our users, however, as a public body, we did not engage with the attackers or pay the ransom,' she said. 'Instead, we are committed to sharing our experiences to help protect other institutions affected by cyber crime and build collective resilience for the future.' Co-op's chief executive Shirine Khoury-Haq said she welcomed the Government's proposals, adding: 'We know first-hand the damage and disruption cyber attacks cause to businesses and communities.' The package of measures could also result in the introduction of a mandatory reporting regime, which would give law enforcement greater intelligence to track down perpetrators, according to the Home Office.
