Contradictory to earlier claims that Colonial Pipeline had no intention of paying an extortion fee to restore operations, Bloomberg reported that the company paid nearly $5 million to Eastern European hackers on May 7, according to people familiar with the transaction.
Did a cyber insurance policy save Colonial Pipeline from the expenses of paying the ransom? According to Reuters, sources told the news organization that Colonial had cyber policies arranged by Aon with AXA XL and Beazley.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.