The last couple of months has seen cybersecurity being a topic on the front page of a number of media publications. The attacks in the U.K. on Marks and Spencer, the Co-op and Harrods have all featured heavily in reporting.[1]
For those in the U.K. with longish memories, this is all rather reminiscent of 2017, when the WannaCry incident resulted in severe disruption across the NHS. For those not U.K.-resident, the NHS is something of a national institution, and this very much opened the public’s eyes to cyber as a modern risk. However, the fact that some eight years later, we have seen attacks on other national institutions[2], one is left to wonder what progress has been made?
Now, Marks and Spencer, the Co-op and Harrods will all survive these current difficulties. The size of each company, the strength of their individual balance sheets and, in the case of the first two, the fact that they are part of the national fabric, will see to this. There has also been much discussion around whether this is a line in the sand for the cyber insurance market and the extent to which it will lead to a significant take-up in policies by Corporate Britain.
However, if the cyber market is relying on these retail incidents to drive an improved understanding of cyber risk, then I wonder if it is relying on the wrong event. Let me explain…
I grew up in a village just outside of Northampton in the U.K. One of the more well-known businesses in the area was "Knights of Old," a haulage business named after the family name and the village in which they were originally based. As a kid (with a rather silly sense of humour that arguably has not changed much over the years), I had a vision of their articulated trucks being driven the length of the country by a series of Knights Templar figures. Oddly, even after having finished university and moved away from the area, it was still a reassuring sight to see these trucks on the motorway.[3]
The business, in more recent years, became formally known as KNP Logistics, although the branding seen in my childhood remained. However, unfortunately, the business suffered a ransomware attack in the summer of 2023 that caused the business to close with the loss of 730 jobs.[4]
