A must read article. It was announced on Friday that a Ransomware attack shut down the Colonial Pipeline network.

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A must read article. It was announced on Friday that a Ransomware attack shut down the Colonial Pipeline network. Impacting supplies from US fuel refiners on the Gulf Coast to Eastern and Southern United States, affecting around 45% of East Coast fuel supplies.

Be under no doubt the size of this attack. It’s a significant action for the Colonial to take its systems off-line to contain the attack. Both petrol and diesel futures rose in trading on the New York Mercantile Exchange, a possible indication of the impact of the attack, to soon to tell. The last time a shut down of this scale occurred prices rose to a 5 year high in 2017. A price hike which will be a reminder for some time.

Time will tell as to the impact, but one only has to look at the past 6 months to see that the size, scale and ferocity of cyber attacks is increasing. If proven to be a ransomware and they can identify the attackers? You can expect the US government to add this to the Federal Reserve and Exchange attacks in line of action.

#cyberrisk‚ #insurance‚ #supplychain‚ #cybersecurity‚ #security‚ #legalcompliance‚ #cyber‚ #supplychainsecurity‚ #financialreporting‚ #defenceindustry‚ #financialrisk‚ #federal‚ #supplychainriskmanagement

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