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Colonial Pipeline Breach: What Does it Mean for Credit Unions?

Credit unions must take steps to mitigate the risks of a cyber-attack to their infrastructure and supply chain.

By Cal Bowman | May 26, 2021 at 09:00 AM
ransomware attack Ransomware attack. (Source: Shutterstock)

The Colonial Pipeline ransomware attack resulted in dire consequences for consumers including price spikes, fuel shortages and panicked buying up and down the East Coast. The impact on the company was equally catastrophic – lost revenues plus extra mitigation, response and recovery expenses mean significantly reduced profits.

The supply chain for the United States fuel pipeline is essentially linear and straightforward to describe: Identify and explore a source; produce, refine and store the goods; and transport and store until it is ready for the point of sale. However, the protection of the supply chain is not always so straightforward. A complex web of technology and security controls left unmonitored leave businesses like Colonial Pipeline vulnerable.

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