Colonial Seeks Insurance Payout For $4.4M Cyberattack

Law360 (June 9, 2021, 9:29 PM EDT) -- Colonial Pipeline Co. has filed an insurance claim to help cover the $4.4 million the company paid hackers in a bid to speed up recovery from a ransomware attack that led to a shutdown of the critical refined petroleum supplier, the company's CEO told lawmakers Wednesday.

"We have submitted a claim for that ransom payment, and I haven't had that confirmed to me yet, but I suspect that it will be covered," Colonial CEO Joseph Blount told members of the U.S. House Committee on Homeland Security about the payment the company made to a Russia-based cybercriminal gang known as DarkSide.

The U.S....

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