June 28, 2022

The Queens County Citizen

Complete Canadian News World

CyberTalk on Pipeline | Kaisse has a $ 1.5 billion stake

CyberTalk on Pipeline |  Kaisse has a $ 1.5 billion stake

The asset manager of Quebec Workers’ Savings holds more than 1.5 billion shares in Colonial Pipeline, which had to shut down all operations in the form of ‘ransomware’ after the May 7 cyber attack.

Andre DubakAndre Dubak

“Yes, Kaisse holds a stake in the Colonial Pipeline,” Kaisse Depot spokesman Maxim Chagnon said Sunday afternoon. We are in contact with the company to closely follow the situation. We know that the company will take steps to identify the nature and scope of this cyber attack and restart the system as soon as possible and in a safe manner. ”

The colony transports gasoline and diesel to 8,800 kilometers of pipelines across the United States. Its four main sections are still closed, but some secondary sections have returned to service, the CNBC site reported at 6 p.m. Sunday.

Ransomware is malicious software that blocks access to computer data, describes the Canadian Center for Cyber ​​Security page. When ransomware infects a device, it locks its screen or encrypts the files it contains. Since this type of transfer is not recognized, the attacker will usually demand a ransom to be paid in digital currency such as bitcoins.

Photo by Mark Lennihan, Archives Associated Press

Site de Colonial Pipeline New New Jersey

Kais’ specific stake in Colonial, a private company, is kept secret. According to the latest annual report, Kaise’s share as of December 31, 2020 is over 1.5 billion. In November 2011, Kais extended $ 850 million and repurchased 16.55% of Colonial shares from Canco Philips.

READ  Aug. 30 deadline for statutory everlasting layoffs looms - BC Information

Cyber‌security has become an issue

Cyber ​​attacks are becoming one of the biggest risks facing businesses. The insurance premium had to stop withdrawing from customers on insurance premiums from mid-December to early February following a computer attack, with the company liquidating under imaginable pressure on insurance premiums.

Investors are expected to place greater emphasis on the IT security of their portfolio companies.

“Cybersecurity is a risk that Kaisey’s carefully assessing his investments, because it is a significant risk faced by many companies here in many sectors of the economy, and in the world.”

At a conference last March, Pascal Tremble, president of investment firm Novacop, argued that cybersecurity would play an extraordinary role in the day-to-day life of companies and that they would have to make significant investments in the future. This chapter.