Colonial Pipeline ’s CEO, Joseph Blount, confirmed Wednesday that the firm paid $4.4 million to ransomware attackers because executives were not sure how badly …
Colonial Pipeline ’s CEO, Joseph Blount, confirmed Wednesday that the firm paid $4.4 million to ransomware attackers because executives were not sure how badly they affected the companies’ systems or how long it would take to re-start the pipeline. “I know that’s a highly controversial decision,” he told the Wall Street Journal. “I didn’t make it lightly. I will admit that I wasn’t comfortable seeing money go out the door to people like this.” Some, including the FBI, have argued that the firm should not have paid the ransomware group because it would only embolden them to commit similar attacks. Ransomware is a type of malicious software that essentially takes computer systems hostage and demands payment to have the files unlocked.
