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news How did cyber-attackers shut off a US pipeline? Investigators at the largest fuel pipeline in the US are working to recover from a devastating cyber-attack that cut the flow of oil. The hack on Colonial Pipeline is being seen as one of the most significant attacks on critical national infrastructure in history. The pipeline transports nearly half of the east coast's fuel supplies and prices at pumps are expected to rise if the outage is long lasting. How can a pipeline be hacked? For many people, the image of the oil industry is one of pipes, pumps and greasy black liquid.

By   Brad D. Williams on May 10, 2021 at 5:39 PM WASHINGTON: The cyberattack that shut down the major East Coast pipeline for gas and other fuels comes after years of repeated warnings to industry — some as recent as the past two weeks. The attack has had the greatest impact ever on US critical infrastructure, cybersecurity experts say. Details are still emerging. Colonial Pipeline, which owns and operates the pipeline, issued a statement today saying it is dedicating “vast resources to restoring pipeline operations quickly and safely. Segments of our pipeline are being brought back on...

Feds Say a Lack of Reporting Poses Barrier to Cyber Defense Federal ransomware-fighting efforts are held back when corporate victims don’t report or accept their help. A U.S. Chamber of Commerce-convened panel examined the concerns that keep SMBs from reaching out. May 10, 2021 •  Screenshot U.S. Chamber of Commerce Virtual Event The Department of Homeland Security (DHS) is making fighting ransomware a top priority, but law enforcement can struggle to get a handle on the scope of the problem — let alone chase down perpetrators — if businesses suff...

Major US fuel pipeline system shut down after ransomware attack A major U.S. fuel pipeline system has been shut down following a ransomware attack. The pipeline system, owned and operated by the Colonial Pipeline Co., carries more than 100 million gallons of gasoline, diesel, home heating fuel and jet fuel a day and links refineries in Texas to New York via the East Coast. In a statement today, Colonial Pipeline said that the ransomware attack first hit the company Friday, May 7, and that it took certain systems offline to contain the threat including temporarily ha...

CBDC Paper Released, NY DFS Grants License, Study Cites Crypto Adoption By: The Digital Dollar Project, a partnership created by the Digital Dollar Foundation, released a white paper this week highlighting use cases for a U.S. central bank digital currency (CBDC, or a digital dollar) and proposing several pilot programs for the technology. The pilot programs highlight applications of a digital dollar for various types of consumers, ranging from underbanked consumers to large financial market infrastructure payers. This week, New York’s Department of Financial Services (NY DFS) announced the...