Colonial Pipeline has cyber insurance protection

Colonial Pipeline has cyber insurance organized by dealer Aon (AON.N), with Lloyd’s of London insurers AXA XL (AXAF.PA) and Beazley (BEZG.L) amongst the underwriters, three sources suggested Reuters on Thursday.

Colonial Pipeline has begun to restart the nation’s largest gas pipeline network after a ransomware assault shut the road, triggering gas shortages and dismay procuring within the southeastern United States. read more

The cyberattack halted 2.5 million barrels per day of shipments of gas, diesel and jet gas closing Friday after primarily the most disruptive cyberattack ever on U.S. vitality infrastructure.

Insurance protection Insider reported the news late on Wednesday, pronouncing the quilt turn out to be as soon as for a minimal of $15 million.

Cyber insurance most regularly covers ransom payments and insurers in most cases present workers to barter with the hackers, apart from IT and public household products and services.

Colonial Pipeline does now not opinion to pay the ransom, sources conversant within the firm’s response suggested Reuters on Wednesday. read more

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