Colonial Pipeline Ransomware Attack: Know About The Cyber Attack On US's Oil Supply To The Country's East Coast

A ransomware attack on a key US pipeline network has led to a disruption in fuel supplies in the eastern part of the United States. Colonial Pipeline Company, which transports about 45 per cent of all petrol & diesel consumed on the east coast of the US was forced to shut down operations after a cyberattack on May 7. The shutdown led to the US federal government declaring a regional emergency to allow transportation of fuels through tanker trucks to tide over the impact of shortages. A ransomware attack is a cyber-attack using malware that encrypts the victim’s files & requires users pay a ransom to decrypt the files. Oil prices rose in response to the attack on Colonial Pipeline, with the price of Brent crude rising to $69 per barrel on May 10 before falling to $67.8 on May 11. Colonial Pipeline company has said that it is restoring operations in a phased manner with the goal of “substantially restoring operations” by the end of the week. Experts noted that a prolonged shutdown of the operations of the pipeline could push up petrol prices in the US as demand peaks during the summer, reported The Indian Express. The disruption has already led to an uptick in international refining margins, pushing up the price of auto fuels.