The Biden administration has declared a state of emergency following a cyberattack on one of the largest oil pipelines in the United States. The Colonial Pipeline Company carries gasoline and other fuel from Texas to the Northeast. It delivers roughly 45% of the fuel consumed on the East Coast.
In a press release, the Company said it has temporarily stopped all pipeline operations after the cybersecurity attack involving ransomware was detected on Friday. The release said, "The Colonial Pipeline operations team is developing a system restart plan. While our mainlines remain offline, some smaller lateral lines between terminals and delivery points are now operational."
Due to the Coronavirus epidemic, most of the company's engineers are working from home, so hackers are able to easily carry out such a massive attack. International oil prices are likely to rise by 2 to 3% due to cyber attacks. If this is not rectified soon, then there may be an increase in prices.
Meanwhile, Colonial Pipeline on Sunday said it is developing a "system restart" plan. In a statement, the company said, "We are in the process of restoring service to other laterals and will bring our full system back online only when we believe it is safe to do so, and in full compliance with the approval of all federal regulations."
At the same time, Commerce Secretary Gina Raimondo said, "Unfortunately, these sorts of attacks are becoming more frequent. Face the Nation. We have to work in partnership with business to secure networks to defend ourselves against these attacks."
