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Colonial Pipeline paid US$5 million ransom, according to news sources

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World Pipelines,


Colonial Pipeline has reportedly paid cyber-criminal gang DarkSide nearly US$5 million in ransom, following a cyberattack, according to major news sources.

Colonial Pipeline suffered a ransomware cyber-attack over the weekend and took its service down for five days, causing supplies to tighten across the US.

CNN, the New York Times, Bloomberg and the Wall Street Journal have all reported a ransom was paid.

Colonial has not commented on the issue.

Reuters reports that Colonial Pipeline has cyber insurance arranged by broker Aon, with Lloyd's of London insurers AXA XL and Beazley among the underwriters.

Cyber insurance typically covers ransom payments and insurers often provide staff to negotiate with the hackers, in addition to IT and public relations services.

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World Pipelines’ May 2021 issue

The May issue of World Pipelines includes a regional report on Canada’s oil and gas sector, as well as technical articles on integrity management software, leak detection, NDT, and project case studies. Don’t miss our feature on young pipeliners, in which World Pipelines’ Senior Editor Elizabeth Corner interviews the winners of the John Tiratsoo Award for Young Achievement, awarded by Young Pipeliners International, in partnership with PPIM.

Read the article online at: https://www.worldpipelines.com/business-news/14052021/colonial-pipeline-paid-us5-million-ransom-according-to-news-sources/

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