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Colonial Pipeline: Pres. Biden’s Cybersecurity Executive Order, Economic Impacts, Gas Shortages & Ransomware Attack: Kogod School of Business Experts Available

13-May-2021 7:00 AM EDT, by American University

 

WHAT: After almost a week of being shut down due to a ransomware attack, the Colonial Pipeline has finally restarted operations yesterday evening. The shut down caused panic throughout the East Coast with gas stations experiencing shortages and very long lines at the pump.  

A ransomware group carried out the cyberattack and demanded millions in bitcoin cryptocurrency payment. Yet, Colonial Pipeline and the U.S. government do not plan to pay as they have managed to retrieve the most important data that was stolen.

Last night President Biden signed an executive order that intends to protect the nation from cyberattacks, which are also a concern for other industries including banks and stock exchanges.

American University’s Kogod School of Business has various experts available to comment on the economic implications of the gas shortage, supply chain impacts, cybersecurity risks in supply chains, data privacy, and cybersecurity.

WHEN: May 13, 2021 – ongoing

WHERE: Via Skype, Zoom, email, or telephone

WHO: American University has the following experts in cybersecurity, cybersecurity policy, oil markets, global supply chain impacts, and economy.

Jeffrey Harris is a professor of finance and the Gary D. Cohn Goldman Sachs Chair in Finance at American University’s Kogod School of Business. Dr. Harris has an extensive background in market microstructure and regulatory issues, in addition he has expertise in oil markets and the economic downturn. He recently served as Chief Economist and Division Director for the Division of Economic and Risk Analysis at the U.S. Securities and Exchange Commission. Previously he served as Chief Economist at the U.S. Commodity Futures Trading Commission and as Visiting Academic at the Nasdaq Stock Market.

Ayman Omar is an associate professor in Kogod’s department of information technology & analytics and a research fellow at the Kogod Cybersecurity Governance Center (KCGC). His research interests focus on global supply chain management, specifically targeting areas such as supply chain integration and responsiveness, cyber risks in global supply chains, and sustainability in global supply chains. Prior to receiving his Ph.D., he worked in the oil industry and conducted several consulting projects for a wide range of corporations including many Fortune 100 companies as well as small privately owned firms.

Nan Zhang is a professor of information technology and analytics in AU’s Kogod School of Business and a research fellow at the Kogod Cybersecurity Governance Center (KCGC). His expertise is in data privacy, cybersecurity, artificial intelligence, machine learning, and regulatory issues. His current research focuses on the proper use of data analytics and machine learning to understand people’s preferences and behavior, especially pertaining to important business and regulatory decisions.

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