Company Wrecked by Ransomware Only Spent 120,000 Pounds Per Year on Cyber Security

Do you remember the story of the UK-based logistics company that closed due to ransomware and laid off 730 workers? 


Today in an article about a warning to UK businesses about cyber incidents, their “director” said they “were throwing £120,000 a year at [cyber-security] with insurance and systems and third-party managed systems.”


That’s the cost of one cyber FTE, and it sounds like they didn’t employ ANY cyber people. This is what I mean by the “security 1%.” 


https://taosecurity.blogspot.com/2020/10/security-and-one-percent-thought.html


This company was in the 99%, and intruders put them out of business, despite apparently having $100 million in annual revenue? 


I never blame victims of intrusions, but the underinvestment in security is appalling.


Refs: https://www.bbc.com/news/articles/ced61xv967lo and https://www.northantstelegraph.co.uk/news/people/kettering-haulage-company-knights-of-old-group-goes-into-administration-with-730-redundancies-4349040# 

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