Credit: pan demin/Shutterstock.com Could A Cyber Policy Have Saved Colonial Pipeline?
There are benefits to having a good cyber policy, especially when the stakes are high for getting hacked.
May 18, 2021 at 06:19 PM
5 minute read
Insurance
The original version of this story was published on Law.com
Contradictory to earlier claims that they had no intention of paying an extortion fee to restore the country's largest fuel pipeline, Colonial Pipeline has reportedly paid nearly $5 million to Eastern European hackers on Friday, according to two people familiar with the transaction.
Let's look at how having a good cyber insurance policy possibly saved the company from the expenses and woes that ensued from the time Colonial Pipeline discovered the system hack. Sources told Reuters last Thursday that the company had a cyber policy in effect arranged by broker AON, with Lloyd's of London insurers.
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