A compromised password has bankrupted British company KNP, affecting 700 employees. The hackers demanded a ransom estimated at 5 million pounds.

KNP, a UK transportation company, has been shut down after hackers guessed an employee's password, encrypting data and locking down internal systems. Despite assurances, the company was unable to pay the ransom estimated at £5m and went bankrupt, leaving 700 employees jobless. Cyber-attacks have risen sharply and British officials are warning of an impending cybersecurity crisis. Paul Abbott, former director of KNP, advocates a mandatory annual IT security review in firms.