Energy companies scrambling for cyber insurance

(OIL PRICE) – U.S. energy companies are urgently building their cyberattack insurance coverage following the Colonial Pipeline network attack earlier this month, Reuters has reported, adding that premiums were likely to rise on this increased demand.

A ransomware attack shut down the largest fuel pipeline in the United States two weeks ago, causing panic buying of gasoline and diesel along the East Coast and a consequent shortage of fuels that shut down hundreds of filling stations. The pipeline was restarted after its operator paid the hackers some $4 million.

The Colonial pipeline is the biggest pipeline infrastructure in the United States, running 5,500 miles from Houston to Linden, New Jersey, carrying some 2.5 million barrels of gasoline and diesel daily.

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