Tag Archive for: Cyberattack

3 Security Stocks to Watch Post Cyberattack on U.S Pipeline

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The recent ransomware attack on Colonial Pipeline Co. has resurfaced the rising threat that cyber crime poses worlwide. This followed the December 2020 hacking incident at SolarWinds supply chain.

Although heavy reliance on technology by business as well as individuals drove operational efficiency and eased our lives, the same increased vulnerability to cyber offences

Rapid Automation Resulting in More Cyber Raids

This simply underlines the fact that the frequent use of technology is directly proportional to the possibilities of cybercrime. Therefore, the more technology will be leveraged, higher will be the chances of virtual breaches.

Notably, the COVID-19 pandemic further fuelled the incidence of cyber onslaughts as businesses of all sizes are transitioning their operations to various online platforms. Now from working to spending, education to entertainment, and even healthcare and much more went virtual causing high technology percolation in everyday lives. This puts not only businesses but also schools, hospitals and other organizations at the receiving end of online assaults.

While public institutions and large companies have always been the target of hackers, now smaller organizations with lower security standards are reaching their radar.

Further, the advent of 5G will enable other devices to connect to the Internet, thereby expanding the scope for Iot and AI. While AI and IoT will simplify things, it will also aggravate the rate of cyber crime with accessibility of wider options as more and more activity becomes technology reliant.

Cyber Attack to Grow by Leaps and Bounds

Cybersecurity Ventures expects global cybercrime costs to grow 15% per year over the next five years, reaching $10.5 trillion, annually, by 2025, up from $3 trillion in 2015.

The United States is already hard-hit by cyber violations. In 2018, an FBI agent said that every American citizen should expect that all their data (personally identifiable information) is stolen and is on the dark web.

Research firm Gartner forecasts that the corporate computer security market will grow more than 10%, on average, annually through 2024, outpacing the 3% growth rate of spending in the information technology…

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Cyberattack on US pipeline could affect gas prices

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TAMPA, Fla. (WFLA) — A cyberattack on a vital U.S. pipeline is threatening to send gas prices skyrocketing across the country.

The Georgia-based Colonial Pipeline was forced to shut down the pipeline after it was hit by a ransomware attack, in which hackers from a cyber-criminal gang called DarkSide, infiltrated their network, seized data and locked up computer systems.

“This is one of my worst nightmares comes to light,” said cyber security expert Theresa Payton, with Fortalice Solutions.

The 5,500-mile system carries gasoline and diesel from Texas to states throughout the Southeast and up to New York harbor. Over the weekend, the national average price of gas climbed above $3 per gallon.

However, according to AAA, the attack shouldn’t impact gas prices in Tampa and throughout Florida, since the state isn’t largely reliant on the system.

But AAA leaders warn prices may increase due to supply needs in other areas of the country.

The Department of Energy is leading the federal response to the incident. Homeland Security and the FBI are also involved.

“It’s an all hands on deck effort right now. And we are working closely with the company, state and local officials to, you know, make sure that hey get back up to normal operations,” said Secretary of Commerce Gina Raimondo.

As of Monday morning, there was no clear timeline for when they would be able to restore the system.

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Biden declares state of emergency over fuel cyber-attack – BBC News

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  1. Biden declares state of emergency over fuel cyber-attack  BBC News
  2. Cyber attack shuts major US pipeline system  Financial Times
  3. Colonial Pipeline cyber attack: Fuel, energy company halts operations  USA TODAY
  4. ‘Jugular’ of the U.S. fuel pipeline system shuts down after cyberattack  POLITICO
  5. US pipeline company halts operations after cyberattack  Greeley Tribune
  6. View Full Coverage on Google News

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Cyberattack shuts down major US gas pipeline

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A fuel pipeline right-of-way, like a wide, grassy path, stretches into the distance, through a forest. A yellow sign in the foreground alerts people to the presence of the petroleum pipeline.

Colonial Pipeline’s overall system is the US’ biggest, covering more than 5,500 miles and carrying more than 100 million gallons of fuel a day, the company says.


Colonial Pipeline

A cyberattack has taken down the main pipeline that carries gasoline to the US East Coast, the pipeline’s operator said Friday, further raising concern about how vulnerable critical systems are to hacking assaults.

Colonial Pipeline, which operates pipes that carry refined petroleum products like gas, diesel, jet fuel, home heating oil and fuel for the military, said in a statement that it’s taken “certain systems offline to contain the threat, which has temporarily halted all pipeline operations, and affected some of our IT systems.”

If the disruption doesn’t last beyond a few days, it likely won’t cause many problems, due to local supplies of gas that typically get replenished via the pipeline about once a week, The Wall Street Journal reported, likening the situation to pipeline shutdowns that occur during hurricanes. Still, the shutdown increases alarm about cyberattacks on key systems.

It’s unclear whether criminal hackers or a nation-state is behind the attack, the Journal reported. Colonial said it’s contacted “law enforcement and other federal agencies” and engaged a “leading, third-party cybersecurity firm” to investigate.

The attack involved ransomware, Colonial said in an updated statement Saturday. In such schemes, attackers use code to seize control of a computer system and then demand money to unlock it. The worldwide WannaCry ransomware attacks in 2017, for instance, locked up computer systems at hospitals, banks and phone companies.

But assaults like the one…

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