KNP Logistics, described by its administrators as one of the United Kingdom’s largest privately owned logistics groups, declared itself insolvent on Monday, blaming a ransomware attack back in June.
Approximately 730 employees will be made redundant as a result of the administration process, although one of the group’s key entities has been sold, saving about 170 jobs.
The incident is a rare public example of the existential threat that experts warn ransomware can pose to businesses. But KNP Logistics Group was already struggling before the ransomware attack, according to Raj Mittal, the joint administrator who is handling the insolvency process on behalf of business advisory firm FRP Advisory.
“Against a backdrop of challenging…
