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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.

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.

Karen Sorrell

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