Here's how a cyber insurance policy may have responded to the Colonial Pipeline cyberattack. (Photo: Shutterstock) Here's how a cyber insurance policy may have responded to the Colonial Pipeline cyberattack. (Photo: Shutterstock)

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.

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
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

E&S/Specialty Lines
Education & Training
E&S/Specialty
Cybersecurity