After Colonial attack, energy companies rush to secure cyber insurance

FILE PHOTO: A computer keyboard lit by a displayed cyber code is seen in this illustration picture taken on March 1, 2017. REUTERS/Kacper Pempel/Illustration

(Reuters) -U.S. energy companies are scrambling to buy more cyber insurance after this month's attack on Colonial Pipeline disrupted the U.S. fuel supply, but they can expect to pay more as cyber insurers plan to hike rates following a slew of ransomware attacks.

The Colonial ransomware attack on May 7 shut the largest fuel pipeline network in the United States for several days, crippling fuel delivery to most of the U.S. East Coast. Pipeline companies rely on electronic networks, putting them at risk of additional attacks that could hamper delivery of crude oil or other fuels.