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Cyber-Insurance Considerations for Healthcare Providers Related to Ransomware Attacks | McGuireWoods LLP

To embed, copy and paste the code into your website or blog: On May 7, 2021, the operator of a major pipeline system that transports fuel across the East Coast fell victim to a ransomware attack that resulted in a six-day shutdown. Over the following week, East Coast stockpiles of gasoline dropped by about 4.6 million barrels and gas prices surged to their highest levels in six and a half years. The 5,500-mile-long pipeline provides roughly 45 percent of the fuel supplies for the East Coast, representing critical infrastructure for consumers from the Gulf Coast to Linden, New Jersey. Under mounting public pressure to respond and devastating losses to the company’s operational income, the operator authorized a ransom payment of $4.4 million to hackers. On May 31, 2021, one of the world’s largest meat suppliers disclosed that it was targeted by a ransomware attack that forced the company to shut down its meat processing plants in North America. As the meat processing plants depend

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