As ransomware attacks surge, the FBI is doubling down on its guidance to affected businesses: Don’t pay the cybercriminals. But the U.S. government also offers a little-noticed incentive for those who do pay: The ransoms may be tax deductible. The IRS offers no formal guidance on ransomware payments, but multiple tax experts interviewed by The… Continue reading FBI Says Don’t Pay Ransom, While Payments May Be Tax-Deductible
Tag: Colonial Pipeline cyber attack
Single Password Gave Colonial Pipeline Hackers Access
The head of Colonial Pipeline told U.S. senators on Tuesday that hackers who launched last month’s cyber attack against the company and disrupted fuel supplies to the U.S. Southeast were able to get into the system by stealing a single password. Colonial Pipeline Chief Executive Joseph Blount told a U.S. Senate committee that the attack… Continue reading Single Password Gave Colonial Pipeline Hackers Access
Law Enforcement Recovers $2.3M in Ransom Paid to Colonial Pipeline Hackers
U.S. authorities have recovered millions of dollars in digital currency paid to the hackers who hit a major East Coast fuel pipeline with a ransomware attack last month, in a law-enforcement operation that officials said demonstrated progress undermining criminals’ ability to disrupt American commerce and critical infrastructure for profit. Investigators seized about 64 bitcoin, valued… Continue reading Law Enforcement Recovers $2.3M in Ransom Paid to Colonial Pipeline Hackers
Lawmakers Call for More Transparency Over Cyber Ransom Payments
Following a recent spate of cyber-attacks aimed at U.S. companies, more transparency is needed into what kind of cash payments are made after ransomware attacks, a top Democrat said. Mark Warner, chairman of the Senate Intelligence Committee, spoke days after a top U.S. meat producer needed to shut down facilities that account for almost a… Continue reading Lawmakers Call for More Transparency Over Cyber Ransom Payments
Colonial Pipeline Attack Has Energy Companies Rushing to Secure Cyber Insurance
U.S. energy companies are scrambling to buy more cyber insurance after this month’s attack on Colonial Pipeline disrupted the U.S. fuel supply, but they can expect to pay more as cyber insurers plan to hike rates following a slew of ransomware attacks. The Colonial ransomware attack on May 7 shut the largest fuel pipeline network… Continue reading Colonial Pipeline Attack Has Energy Companies Rushing to Secure Cyber Insurance
Hack Prompts New Security Regulations for U.S. Pipelines
The federal government will issue cybersecurity regulations in the coming days for U.S. pipeline operators following a ransomware attack that led to fuel shortages across much of the Eastern Seaboard. The Transportation Security Administration, which oversees the nation’s network of pipelines, is expected to issue a security directive this week that will address some of… Continue reading Hack Prompts New Security Regulations for U.S. Pipelines
Paying Cyber Ransoms Sets a Bad Precedent But Happens Often
The U.S. government’s fight to choke off ransom payments collected by hackers hit a major snag Thursday, following news that Colonial Pipeline Co. paid a hefty sum to hackers who for several days this week effectively shut down the country’s largest fuel pipeline and created gas shortages along the East Coast. The decision went against… Continue reading Paying Cyber Ransoms Sets a Bad Precedent But Happens Often
U.S. Didn’t Offer Ransom Advice to Colonial Pipeline
The White House declined to weigh in Monday on whether companies that are hacked like Colonial Pipeline should pay ransom to their attackers, but a national security official said it may offer some advice in the future. Anne Neuberger, deputy national security adviser for cyber, told reporters that the FBI has been tracking the ransomware… Continue reading U.S. Didn’t Offer Ransom Advice to Colonial Pipeline