Colonial Pipeline has cyber insurance policy – sources

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A line of cars heading towards a Wawa gas station after a cyberattack damaged the largest fuel line in the country, operated by the Colonial Pipeline, in Tampa, Florida, USA, on May 12, 2021. REUTERS / Octavio Jones

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

Colonial Pipeline began relaunching the nation’s largest fuel pipeline network after a ransomware attack shut down the line, causing fuel shortages and panic buying in the southeastern United States. read more

A cyberattack last Friday cut off 2.5 million barrels of gasoline, diesel and jet fuel supplies in the wake of the most devastating cyberattack on U.S. energy infrastructure.

Insurance insider reported this late Wednesday night, saying the coverage was at least $ 15 million.

Cyber ​​insurance usually covers ransom payments, and insurers often provide staff to negotiate with hackers in addition to IT and public relations services.

Colonial Pipeline has no plans to pay the ransom, sources familiar with the company’s response told Reuters. read more

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