Cybersecurity Update to address Ransomware
Last week, the Department of Homeland Security issued the first cybersecurity regulation for the pipeline industry. The new regulation comes after the Colonial Pipeline ransomware attack which froze systems for several days. More regulations are expected to be issued soon as a part of the Biden administration's focus on infrastructure security.
According to Reuters, "Ransomware Gangs" collected almost $350 million last year, which is three times more than ransom fees collected in 2019.