One of the UK’s largest privately owned logistics firms has entered administration following major disruption to its business caused by a ransomware attack earlier this year, according to reports.
Kettering-based KNP Logistics Group will be forced to make over 700 employees redundant as administrators step in, highlighting the serious real-world impact that cyber-extortion incidents can have.
The June attack reportedly impacted the company’s ability to secure crucial new funding.
“Despite being one of the UK’s largest privately owned logistics group, KNP fell victim to a ransomware attack earlier this year that caused significant disruption,” joint administrator Rajnesh Mittal of FRP Advisory Trading told the BBC.
“Against a backdrop of challenging market conditions and without being able to secure urgent investment due to the attack, the business was unable to continue. We will support all affected staff through this difficult time.”