From Thriving Business to Overnight Shutdown: The Devastating Power of One Ransomware Attack

#CyberSecurity

Imagine running a company for 158 years, building trust, serving thousands, and creating jobs—only to have it all shut down overnight.

Why? A single ransomware attack. This is the story of Knights of Old.

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In a rare move, Paul Abbott, co-owner of Knights of Old, opened up to Bloomberg about what happened when a ruthless, Russia-linked ransomware gang hit.

This wasn’t just an attack on their computers. It was an attack on the very fabric of their business.

Knights of Old was a British delivery company, operating for 158 years—generations of employees and customers relied on them.

Then, in one moment, it was all gone. The attack crippled their systems, leaked over 10,000 internal documents, and left them with no way out.

The gang behind the attack wasn’t just after money. They had a clear goal: destroy the company’s ability to function. And they succeeded.

The hackers held the company’s data hostage and published sensitive internal documents, including financial records and contracts.

Here’s the kicker: Knights of Old made a bold decision.

They chose not to negotiate with the attackers. No ransom. No giving in.

But that decision came at a devastating cost.

When the hackers leaked the documents, the damage was done.

Potential investors were scared off. Banks wouldn’t approve loans. And most tragically, the company lost the ability to sell itself. All because of the leaked data.

This isn’t just a story about a ransomware attack. It’s about what happens when small businesses—who don’t have the vast resources of tech giants—become the targets of these gangs.

Picture this

A 158-year-old business, built from the ground up by families. But one attack causes a domino effect.

🔹No funding
🔹No credit
🔹No way forward

In the end, the company couldn’t survive. And it was all over in weeks.

Let’s talk about the human toll here.

Imagine working for years, even decades, to build a company—only to see it fall apart because of an attack that wasn’t your fault. How do you move on after that?

And the irony?

Knights of Old was a logistics company—they were supposed to be the protectors of data, not its victims.

If it can happen to them, it can happen to anyone.

The hackers behind the attack were part of a larger, growing wave of ransomware gangs, often linked to state-sponsored actors like those from Russia.

These gangs have no qualms about targeting anyone—big or small.

Why do these attacks hurt small businesses so much more?

For larger corporations, paying ransom can be a cost of doing business.

For small companies like Knights of Old, one attack can mean permanent closure.

So, why didn’t they pay?

Abbott’s decision was about principle—but it also led to their downfall. Paying the ransom could have bought time, but it wouldn’t have fixed the damage.

And without the ability to secure financing, the company was dead in the water.

There’s a bigger question here:

Why is it so easy for these ransomware gangs to target small businesses?

🔹Lack of cybersecurity
🔹Outdated infrastructure
🔹Limited financial resources

The system is broken. Small businesses are not protected.

What happened to Knights of Old is just one example. Since this attack, ransomware has exploded as a global problem.

Governments, industries, and businesses need to wake up. This isn’t just a problem for the IT department—it’s an existential threat to economies.

And here’s the catch: companies aren’t just facing cybercrime—they’re facing a massive cultural shift.

We need to rethink how we protect data. We need to start investing in stronger defenses before the attack happens.

Knights of Old’s closure is a wake-up call for all of us.

Small businesses are the backbone of the economy, yet they remain woefully unprepared for digital threats. It’s time to change that narrative.

What can we do about it?

We need more proactive cybersecurity measures. More awareness. More funding for small businesses to invest in secure technology. And most importantly, a unified response to ransomware.

This story isn’t just about one company. It’s about the future of the entire small business sector. Ransomware isn’t going anywhere. We need to act.

It’s time to ask: What can YOU do to protect your business, your data, and your future?

The clock is ticking.

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