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FT News Briefing

Colonial pipeline hackers didn’t mean to create problems, UK services’ Brexit struggles

FT News Briefing

Forhecz Topher

News, Unknown, News & Politics, Daily News

4.41.2K Ratings

🗓️ 11 May 2021

⏱️ 9 minutes

🧾️ Download transcript

Summary

The hacker group blamed for the ransomware attack on the Colonial pipeline insisted it only wanted to make money and did not want to cause problems for society, tech stocks tumbled on Monday as investors braced for further signs of inflation, and Vice Media is joining the streaming gold rush. Plus, the FT’s management editor, Andrew Hill, explains why businesses in the UK’s services sector trying to operate in Europe are encountering post-Brexit challenges. 


This episode features the song “Black Fur” by Elder Island. The song is licensed to Metropolis Recordings.  


We regret ‘creating problems’, say hackers behind the cyber attack on a key fuel pipeline 

https://www.ft.com/content/0afb53f0-f382-442a-9a32-02824ce8bb70


US tech stocks drop ahead of inflation data

https://www.ft.com/content/9707595b-d708-4be3-917d-9ae1de04c707?


Vice Media joins streaming gold rush in new bid for profitability

https://www.ft.com/content/942bf107-3824-4611-b0f7-b4816d4ee2a5


UK’s services sector starts to count the real cost of Brexit

https://www.ft.com/content/d0c10195-0e2e-4913-af74-3b7057163e3f?



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Transcript

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0:00.0

Good morning from the Financial Times. Today is Tuesday, May 11th, and this is your FT news briefing.

0:08.4

The hackers blamed for the colonial pipeline attacks that they didn't want to create problems

0:13.2

for society, and tech stocks had their worst day since March. Vice media is jumping onto the

0:18.9

streaming band Wagon and UK companies trying to export services to Europe are discovering a lot

0:24.7

of post-Brexit frustration. A lot of attention was given to fishing, to areas that were well

0:30.6

publicized, but not so much to what happens if you want to as a British lawyer practice in the EU.

0:39.0

I'm Mark Filipino and here's the news you need to start your day.

0:49.1

The colonial pipeline company yesterday said it's still working to restore service

0:53.6

after a cyber attack forced it to shut down a critical conduit used to get refined fuel from

0:58.8

the Gulf Coast to customers in the southern and eastern US. Meanwhile, the hackers blamed for the

1:04.4

attack, a group called Darkside, issued a statement saying they didn't mean to create problems for

1:09.5

society. They just wanted to make some money. The FT's Hannah Murphy is reporting on this story

1:14.2

and the FBI's response. Well, what I thought was interesting actually was that the FBI went out and

1:20.7

named the attackers Darkside, which was an unusual move. You know, there's hundreds of ransomware

1:28.0

attacks. I'm sure daily and they're calling out this one gang very publicly. In part, I'm sure

1:34.0

to answer to a question of, you know, was this a nation state or not? Darkside, we believe are

1:39.5

Russia-based and Russia typically does not pursue ransomware criminals. In fact, in some cases,

1:46.9

it's believed that it may support them. Whether indirectly or directly, we do not know. So

1:53.9

this does lend some weight to calls that are already ongoing for the Biden administration to look

1:58.8

at, you know, sanctioning Russia in the cyberspace and sanctioning Russia when it comes to

2:05.7

facilitating this sort of criminal potentially. So, Hannah, what do you make of the statement that

2:10.3

Darkside apparently issued? It was sort of an apology, right? This is unusual because typically

...

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