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Pipeline Ransomware Attack Stirs Debate on Whether Insurance Attracts Hackers By Katherine Chiglinsky and Jamie Tarabay | May 17, 2021 The ransomware attack on Colonial Pipeline Co. that caused gasoline shortages along the U.S. East Coast also sparked a debate about whether cyber insurance helps protect against marauders — or attracts them. Some cyber-security experts say hackers target companies that have coverage, because they know the firms can pay ransoms. But others believe the blame is misplaced and that insurers, if anything, have raised the bar on...

A relatively unsophisticated ransomware attack that caused a days-long shutdown of America's largest fuel pipeline last week — resulting in gas shortages, spiking prices and consumer panic — is exactly the sort of situation that cybersecurity experts have warned about for years.

Hackers paralyzed a pipeline. Banks and stock exchanges are even bigger targets AP Hackers are holding one of America’s most important pipelines hostage, a stunning development that should serve as a warning to even bigger targets: the nation’s financial industry. The nightmare scenario is that a Colonial Pipeline-style ransomware attack disrupts major banks or even financial markets, dealing a blow to the flow of money and confidence in the system. Instead of lines at gas stations, social media would be ablaze with images of broken ATMs or inaccessible brokerage accounts. These are not t...

Hackers are holding one of America's most important pipelines hostage, a stunning development that should serve as a warning to even bigger targets: the nation's financial industry.

Experts suggest French insurer AXA's plan to shun ransomware payouts will set a precedent This photograph taken on April 26, 2021 in Paris shows a physical imitation of the Bitcoin cryptocurrency displayed on foreign bank notes. (Photo by Martin BUREAU / AFP) (Photo by MARTIN BUREAU/AFP via Getty Images) Share May 10, 2021 | CYBERSCOOP When French insurer AXA signaled last week that it would no longer write new cyber-insurance policies covering  extortion payouts to criminals, ransomware and cyber insurance experts had two reactions. They wondered why it took so long, an...