Colonial Pipeline Co fuel firm resumes service after ransomware attack

upland-software-buys-bluevenn-for-52mn-to-boost-customer-engagement

U.S. President Joe Biden reportedly announced on Thursday that the largest Colonial petrochemical pipeline, extending from Texas to New York, was nearing complete capacity again after restarting operations after a cyberattack.

Additionally, Biden also noted that as per his intelligence sessions, Vladimir Putin, the Russian president, and the Russian state had no involvement in last week’s ransomware attack on Colonial Pipeline Co, which closed down its pipeline transporting gasoline as well as other petrochemical supplies, for nearly six days.

However, the United States believes that the ransomware group DarkSide, which has come forth and taken responsibility for the attack, originates from Russia, has further urged the president of Russia to take strict action against such groups.

Few hours after the gasoline pipeline firm moved few millions of gallons of motor fuels after a six-day shutdown following a crippling cyber-strike, a report emerged that asserted that the firm paid approximately $5 million to the Eastern European hacking group behind this attack. 

The outage stimulated fuel shortages, partially caused by customers panic-buying petrol, all throughout the east coast states. As per Bloomberg, Colonial paid this exaction fee in undetectable cryptocurrency within hours after the cyberattack.

The halt caused shortages of gasoline as well as declaration of emergencies ranging from Virginia to Florida, and also led two refineries to limiting production while having some airlines rearrange a few refueling operations.

The average price of national gasoline also climbed above $3 a gallon, the maximum since October 2014, as per the American Automobile Association. In fact, the prices in some places climbed as much as 11¢ in a day.

The FBI, which stated that the hackers were associated to a group called DarkSide, dejects the ransoms payment, since there is no validity that the cyber-attackers would actually agree to the terms of an agreement. Bloomberg also reported that paying ransom gives incentive to other possible hackers as well.

Source credit: https://www.theguardian.com/us-news/2021/may/13/colonial-pipeline-fuel-cyber-attack-outage