The Biden administration plans a fresh campaign against ransomware attacks through sanctions to cut off criminals’ cryptocurrency pipelines, and it urged companies to report extortion attempts and better protect themselves from them. Deputy Treasury Secretary Wally Adeyemo told reporters that the sanctions would be imposed on Suex, a cryptocurrency transferring service that’s registered in the… Continue reading Crypto Channels Targeted in Biden’s Fight Against Ransomware
Tag: ransomware insurance
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
Pipeline Attack Stirs Debate on Whether Insurance Lures Hackers
The ransomware attack on Colonial Pipeline Co. that caused gasoline shortages along the U.S. East Coast also sparked a debate about whether cyber insurance helps protect against marauders — or attracts them. Some cyber-security experts say hackers target companies that have coverage, because they know the firms can pay ransoms. But others believe the blame… Continue reading Pipeline Attack Stirs Debate on Whether Insurance Lures Hackers