Top
image credit: Vecteezy

Cyber Risk Insurance in the Wake of the Colonial Pipeline Cyberattack

November 18, 2021

Via: JD Supra

On May 7, 2021, pipeline operator Colonial Pipeline Company suffered a ransomware cyberattack on its namesake Colonial Pipeline. Hackers attacked computerized management equipment, effectively freezing one of the largest pipelines responsible for delivering gasoline and jet fuel across the Southeastern United States. The attack was the largest of its kind on an oil infrastructure target in United States history.

With FBI assistance, the company paid a $4.4 million ransom to restore pipeline operations. Law enforcement agencies and media sources identified DarkSide, a criminal hacking group, as the culprit.

Read More on JD Supra