A devastating cyber-attack has shuttered Knights of Old, a 160-year-old haulage company based in Kettering, Northamptonshire, highlighting the escalating threat ransomware poses to businesses of all sizes.
The attack, which corrupted critical financial data and crippled operations, forced the company into administration in 2023, ending a legacy that began in 1865 and leaving 730 employees without work.
Anatomy of the Attack
The assault began when threat actors infiltrated Knights of Old’s network, reportedly using stolen credentials common tactic in modern cybercrime.
The attackers deployed Akira ransomware, a strain known for its double extortion tactics: not only encrypting vital company data but also threatening to publish sensitive corporate and customer information unless a ransom was paid.
A ransom note was later discovered buried in the firm’s IT systems, underscoring the attackers’ intent.
Despite robust cybersecurity protocols and insurance, the company was unable to recover.
Manual operations could not compensate for the loss of critical data, making it impossible to meet financial reporting deadlines set by lenders.
The reputational damage, combined with operational paralysis, proved insurmountable.
Ransomware: Technical Mechanics and Business Impact
Ransomware is a form of malware that encrypts a victim’s data, rendering it inaccessible until a ransom is paid, usually in cryptocurrency for anonymity.
Modern ransomware typically uses a hybrid encryption model: files are first encrypted with a symmetric algorithm such as AES (Advanced Encryption Standard) for speed, and the symmetric key is then encrypted with an asymmetric algorithm like RSA (Rivest–Shamir–Adleman) for security.
This ensures only the attacker can decrypt the data after payment.
The attack on Knights of Old exemplifies the “double extortion” model, where attackers exfiltrate (steal) data before encrypting it, threatening to leak sensitive information if their demands are not met.
Some groups now employ “triple extortion,” targeting not just the original victim but also their clients or partners.
The Rise of Ransomware-as-a-Service
Cybersecurity experts warn of the growing prevalence of “Ransomware as a Service” (RaaS), a business model where skilled developers lease ransomware kits to affiliates, lowering the barrier for entry into cybercrime.
RaaS platforms provide affiliates with ready-made tools, technical support, and even profit-sharing arrangements, fueling a surge in attacks across industries.
High-Profile Victims and Widespread Disruption
Knights of Old is not alone. Major UK retailers Marks & Spencer (M&S) and the Co-op have also suffered severe disruption recently.
M&S, reportedly targeted by the notorious Scattered Spider group, experienced outages in contactless payments and online shopping, with agency workers sent home as systems were restored.
The Co-op confirmed that customer data was exfiltrated in an attack claimed by the DragonForce ransomware gang, though payment information was not compromised.
Expert Advice: No One Is Immune
Paul Abbott, former director at Knights of Old, urges all business leaders to rigorously audit their IT systems: “Whatever you think you’ve done, seriously get it checked by experts.
People don’t think it’s going to happen to them”.
Cybersecurity expert Tash Buckley of Cranfield University emphasizes that smaller firms are particularly vulnerable, lacking the resources of large corporations to respond to incidents.
Defensive Strategies
Experts recommend a multi-layered security approach, including:
- Regular backups and endpoint protection
- Email authentication protocols like SPF, DKIM, and DMARC are used to block phishing attempts
- Egress firewall whitelisting and geolocation IP blocking to prevent unauthorized data exfiltration
- Ongoing staff training and security audits
The National Cyber Security Centre (NCSC) continues to advise organizations on resilience, stressing that proactive defense is essential as ransomware threats evolve.
As ransomware attacks grow more sophisticated and frequent, the story of Knights of Old serves as a stark warning: cybersecurity is not just an IT issue, but a matter of business survival.
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