Way to go Colonial! Now the crooks will be even more emboldened to keep doing this again and again. Do not EVER pay, ever! There are other ways to get around the attacks and they should have considered that first.
And while Colonial is unlocking a restoring data, the states it serves (including the District of Catastrophe) run out of fuel. Do you honestly expect our elected officials to walk or take mass transit?
Unbelievable! Now you just incentivized 500 copycats from doing the same. Even cryptocurrency is traceable. I can’t buy bitcoin without divulging all my SS# and ID info just as if I was opening a bank account
We should never negotiate with terrorists. Too bad our government wouldn’t do anything to assist against this attack but then again, they don’t like pipelines anyway and would probably prefer that we just get rid of all of them.
You know Fred, I’d be willing to bet that if the government had come out 2 months ago and stated that they had a plan to regulate, oversee, monitor, (you pick the word) the software systems of private industries that were critical to our infrastructure you’d be the first to declare that is was an over-reach and intrusion into private businesses.
This is a “wake up” call to every private utility and service provider to get their networks protected and regularly tested for vulnerability. This is a cost of doing business in a connected world.
Since the federal government is competent at tracking minutiae on demand, perhaps they can do something productive and trace down this group and their criminal activity.
Because of Colonial Pipeline’s negligence this might be the right time to subject their executive officers to the same personal penalties that they would receive in China. No monetary penalty would be sufficient.
Love all these “experts” offering comments on how wrong Colonial was to pay, when nobody here really knows how badly Colonial was shut down, who their stakeholders are, and how time sensitive the situation was. Ransomware has been happing to local government, hospitals, and other entities that serve a great many people who depend on them to be up and running. These entities have paid the hackers as well. The choice between paying to get back up quickly and building a brand new IT system from scratch is what Colonial and many other victims face. The latter choice is not an option. That’s why those entities are targeted. Cyber security is as important as our military and must be the next branch of the US military.
There are countless cyber articles on this website, all with great information into the evolving cyber market, and never a single comment. Then, with a high profile pipeline in the news, out of the woodwork they come. And leaving some truly ignorant comments. It’s wildly clear that a majority of you have never sold a single cyber policy, or if you have, you really know almost nothing about the coverage or the market. Multiple comments of DONT PAY!.. You’re late to the game, these have been being paid for years, and it’s the primary coverage our customers are concerned about. Also, should note the $5M in payment, was simply to unlock their network. This group is still infamously known for doubling down and hijacking your data too.. Now you can pay for the data back, but you’ll also need to be in compliance with the 50 different state regulations for notification.. The carrier isn’t done paying yet either.. you think the $5M was the heavy portion.. how about the business interruption claim coming from the nations largest pipeline being down for a week. Words of advice for all agents/brokers out there – LEARN THIS COVERAGE.. It’s getting more and more expensive, and most likely will need some government intervention in the long run, but it’s needed for a lot of companies.. Cyber attacks are always 3 fold… 1 – the original attack and loss, 2 and suit from customers for data, 3 regulatory fines.
Posters on IJ spouting things that fly in the face of standard knowledge stemming from experience with the actual coverage being discussed? I’m shocked, SHOCKED I tell ya! Well, not that shocked really. Had someone here who sells Home policies as an agent tell me 4 different times that as a homeowner who was renting one of my units to someone, that ***I**** needed to buy a renters policy to protect my personal property within the home. Can’t say I’m surprised some people don’t know how cyber coverage actually works.
And I agree, Rosenblatt. But I prefer a lack of knowledge in the comments (that is curable via education and experience) to the trolling and counter-trolling that used to go on here between some (I’m guessing) banned people. Saying “the sun rises in the east” would devolve into a political argument with them, stretching over several days and with 60+ sniping comments. smdh. Glad that got cleaned up. Thanks, IJ!
Yes, the head-to-head trolling, personal attacks, insults, et cetera have certainly been dramatically reduced recently (and I’m trying to be better too as I know I’m not fault-free and contributed to that)
So, if Colonial as the articles have said, paid a ransom of $5,000,000 US in Bitcoin that means that based on today’s Bitcoin close of of 49,287 the ransom was $246,435,000,000.
If they paid 5,000,000 Bitcoin that is only $101.45 US currency
Which are we to believe?
The Bill-yuns figure is 5 x the amount that Obama gifted Iran in US currency. Gonna fill someone’s war chest.
Way to go Colonial! Now the crooks will be even more emboldened to keep doing this again and again. Do not EVER pay, ever! There are other ways to get around the attacks and they should have considered that first.
And while Colonial is unlocking a restoring data, the states it serves (including the District of Catastrophe) run out of fuel. Do you honestly expect our elected officials to walk or take mass transit?
Are you certain Colonial made the payment or did the cyber carrier? :-)
Unbelievable! Now you just incentivized 500 copycats from doing the same. Even cryptocurrency is traceable. I can’t buy bitcoin without divulging all my SS# and ID info just as if I was opening a bank account
We should never negotiate with terrorists. Too bad our government wouldn’t do anything to assist against this attack but then again, they don’t like pipelines anyway and would probably prefer that we just get rid of all of them.
You know Fred, I’d be willing to bet that if the government had come out 2 months ago and stated that they had a plan to regulate, oversee, monitor, (you pick the word) the software systems of private industries that were critical to our infrastructure you’d be the first to declare that is was an over-reach and intrusion into private businesses.
You hit the nail on the head with that comment.
This is a “wake up” call to every private utility and service provider to get their networks protected and regularly tested for vulnerability. This is a cost of doing business in a connected world.
Since the federal government is competent at tracking minutiae on demand, perhaps they can do something productive and trace down this group and their criminal activity.
Because of Colonial Pipeline’s negligence this might be the right time to subject their executive officers to the same personal penalties that they would receive in China. No monetary penalty would be sufficient.
Love all these “experts” offering comments on how wrong Colonial was to pay, when nobody here really knows how badly Colonial was shut down, who their stakeholders are, and how time sensitive the situation was. Ransomware has been happing to local government, hospitals, and other entities that serve a great many people who depend on them to be up and running. These entities have paid the hackers as well. The choice between paying to get back up quickly and building a brand new IT system from scratch is what Colonial and many other victims face. The latter choice is not an option. That’s why those entities are targeted. Cyber security is as important as our military and must be the next branch of the US military.
Per haps the government should have been developing a Cyber Force branch of the military instead of a Space Force…
Does cyber risk policy pay for the ransom and public relations expenses?
There are countless cyber articles on this website, all with great information into the evolving cyber market, and never a single comment. Then, with a high profile pipeline in the news, out of the woodwork they come. And leaving some truly ignorant comments. It’s wildly clear that a majority of you have never sold a single cyber policy, or if you have, you really know almost nothing about the coverage or the market. Multiple comments of DONT PAY!.. You’re late to the game, these have been being paid for years, and it’s the primary coverage our customers are concerned about. Also, should note the $5M in payment, was simply to unlock their network. This group is still infamously known for doubling down and hijacking your data too.. Now you can pay for the data back, but you’ll also need to be in compliance with the 50 different state regulations for notification.. The carrier isn’t done paying yet either.. you think the $5M was the heavy portion.. how about the business interruption claim coming from the nations largest pipeline being down for a week. Words of advice for all agents/brokers out there – LEARN THIS COVERAGE.. It’s getting more and more expensive, and most likely will need some government intervention in the long run, but it’s needed for a lot of companies.. Cyber attacks are always 3 fold… 1 – the original attack and loss, 2 and suit from customers for data, 3 regulatory fines.
Posters on IJ spouting things that fly in the face of standard knowledge stemming from experience with the actual coverage being discussed? I’m shocked, SHOCKED I tell ya! Well, not that shocked really. Had someone here who sells Home policies as an agent tell me 4 different times that as a homeowner who was renting one of my units to someone, that ***I**** needed to buy a renters policy to protect my personal property within the home. Can’t say I’m surprised some people don’t know how cyber coverage actually works.
Good points, Come on Man.
And I agree, Rosenblatt. But I prefer a lack of knowledge in the comments (that is curable via education and experience) to the trolling and counter-trolling that used to go on here between some (I’m guessing) banned people. Saying “the sun rises in the east” would devolve into a political argument with them, stretching over several days and with 60+ sniping comments. smdh. Glad that got cleaned up. Thanks, IJ!
Yes, the head-to-head trolling, personal attacks, insults, et cetera have certainly been dramatically reduced recently (and I’m trying to be better too as I know I’m not fault-free and contributed to that)
So, if Colonial as the articles have said, paid a ransom of $5,000,000 US in Bitcoin that means that based on today’s Bitcoin close of of 49,287 the ransom was $246,435,000,000.
If they paid 5,000,000 Bitcoin that is only $101.45 US currency
Which are we to believe?
The Bill-yuns figure is 5 x the amount that Obama gifted Iran in US currency. Gonna fill someone’s war chest.
Follow along MQ:
Johnny wants $5m paid in Bitcoin. If Billy has bitcoin worth 49k, he would divide $5m by $49k and pay Johnny 102 Bitcoin.
Not sure where the $246M figure is or how false allegations of an Iran gift is related, but real nice try.