On May 7, 2021, a fateful Friday morning, Colonial Pipeline, the company running a critical fuel supply conduit for the eastern United States, experienced a ransomware attack. Unknown to the government, the company decided to shut down pipeline operations as they tried to determine what had happened and how bad the damage was. This move had severe consequences, transforming a cyber incident into a broader crisis within a few short days. Several thousand gas stations ran out of fuel and gas prices increased to their highest levels in nearly a decade.
6 Actions CEOs Must Take During a Cyberattack
Lessons from the Colonial Pipeline ransomware attack.
September 18, 2023
Summary.
Many have warned over the years of the growing cyber threats and some have offered thoughtful advice for how to strengthen an organization’s protection and resilience. Three questions can help determine whether enough has been done: First, have you participated in a cyber tabletop exercise recently? Second, do you have the contact information of your chief information security officer saved somewhere other than your work phone or computer? (Remember, if your company’s networks suffer a ransomware attack, your work devices may be inaccessible.) Third, do you know your point of contact in government in case of a cybersecurity incident?
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Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Digital Intelligence . Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Excel in a world that's being continually transformed by technology.