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Colonial Pipeline Paid Hackers Nearly $5 Million in Ransom

Network Security Assessment - Network Security Protection

Colonial Pipeline Co. paid nearly $5 million to Eastern European hackers on Friday, contradicting reports earlier this week that the company had no intention of paying an extortion fee to help restore the country’s largest fuel pipeline, according to two people familiar with the transaction.

The company paid the hefty ransom in difficult-to-trace cryptocurrency within hours after the attack, underscoring the immense pressure faced by the Georgia-based operator to get gasoline and jet fuel flowing again to major cities along the Eastern Seaboard. Once they received the payment, the hackers provided the operator with a decrypting tool to restore its disabled computer network. The tool was so slow that the company continued using its own backups to help restore the system, one of the people familiar with the company’s efforts said.

Why has it Become Essential for an Organization to Protect the Data?

Cybersecurity threats pose the same threats to small companies as to large ones. Due to the automated nature of attacks, they can target hundreds of small businesses at once. A growing number of cybercrimes are costing the global economy over $1 trillion, just over 1% of global GDP. These Cyber-attacks not only impact the businesses’ reputation but also impacts the finances, operations, valuation, and staff.

Around 4,000 plus ransomware attacks occur on a daily basis since January 1, 2016, according to the FBI. Using antimalware software alone isn’t enough to thwart threats.

A network security assessment focuses on examining the security aspect of a network. It is an audit or examination of a network to find its weaknesses or vulnerabilities.

Protect Your Network, Protect Your Data, waiting until there's an attack is too late. network security assessment

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