COLONIAL ATTACK SPARKS SURGE IN CYBER INSURANCE PURCHASING

US energy companies are looking to buy more cyber insurance following last month's ransomware attack on the Colonial Pipeline, according to Reuters. However, companies can expect to pay more for cyber insurance following a run of losses, the newswire said. Cyber insurance premiums are set to rise by 25% to 40%, but energy companies should expect rate increases at the higher end of the spectrum, insurers and brokers told Reuters. Only about half of US pipeline companies currently buy cyber insurance, according to Nick Economidis, vice president of cyber liability at insurer Crum & Forster. "Since the Colonial outage, submissions from energy companies are up across the board," he said.