The boss of one of the United States’ biggest fuel pipelines says his company paid a $USD 4.4 million ransom to hackers.
The Colonial Pipeline experienced a cyberattack that shut down its nationwide network on 7 May. As such, millions of barrels of petrol, diesel and jet fuel stopped flowing.
Joseph Blount is the CEO of the Colonial Pipeline. He told the Wall Street Journal the ransom was a “highly controversial decision”. But he conceded it “was the right thing to do for the country”.
The 8,900 kilometre pipeline carries 2.5 million barrels a day, or 45 percent of the east coast’s supply of critical fuel supplies.
“I will admit that I wasn’t comfortable seeing money go out the door to people like this,” Mr Blount explained
— Colonial Pipeline (@Colpipe) May 13, 2021
However, President Biden believes there was evidence that Russian hackers were involved in the attack.
“So far there is no evidence from our intelligence people that Russia is involved. Although, there is evidence that the actors, ransomware is in Russia… they have some responsibility to deal with this.”
The hackers are from DarkSide, who allegedly steal from larger corporations and give the ransom funds to charity.
The group released a statement on the dark web. “From today, we introduce moderation and check each company that our partners want to encrypt to avoid social consequences in the future.”
After the cyberattack, President Joe Biden signed an executive order to strengthen cybersecurity defences across the US.
China’s shadow banking sector under the microscope
How will China’s investigation into Zhongzhi Enterprise Group impact the shadow banking industry and the nation’s financial stability?
China has launched an investigation into the Zhongzhi Enterprise Group, a major shadow bank, over alleged financial crimes.
Authorities are scrutinizing the group’s operations amid concerns about illicit activities that may have repercussions on the country’s financial stability. #featured
Shoppers angered at major U.S. retailer’s “unchanged” Black Friday sales
Target in the United States has come under scrutiny for offering identical prices in its ‘Black Friday deals’ as those available throughout the year.
Shoppers are left perplexed by the lack of discounts, with many questioning the authenticity of the so-called Black Friday bargains.
Concerns arose when savvy consumers noticed that the prices of various products in Target’s Black Friday promotion were the same as those listed in previous months.
Shoppers took to social media to voice their frustrations, with one customer stating, “It’s the same, I don’t get it.” This revelation has raised questions about the transparency and ethics of retailers during the holiday shopping season.
While Black Friday traditionally marks the start of the holiday shopping frenzy, with retailers offering significant discounts to entice shoppers, Target’s decision to maintain regular prices has left shoppers wondering if they are truly getting a deal.
This has led to a broader discussion about the consumer experience during Black Friday and whether the shopping event has lost its original appeal.
With the rise of online shopping and increased competition among retailers, consumers are more price-conscious than ever.
Target’s pricing strategy has ignited a debate about the future of Black Friday and whether it can continue to attract shoppers with unchanged prices. As the holiday season unfolds, consumers are left to decide whether to seek out genuine deals or shop elsewhere.
Remote workers shoulder rising job-related costs
As the global workforce continues to adapt to the remote work revolution, a new concern is emerging among employees – the increasing burden of work-related expenses.
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