Image credit: RazoomGames / iStock

Brief: Meat giant JBS pays $11m bitcoin ransom to ‘Russia-linked’ cyberattackers

June 10, 2021

  • The US unit of JBS, the world’s biggest meat processing firm, has paid the equivalent of $11 million in cryptocurrency — reportedly bitcoin — to a group who hacked its IT infrastructure last week.
  • The ransomware attack brought JBS’s animal slaughtering operations in Australia and North America to a halt for at least a day, leading to the prospect of severe disruption to global food supplies. However, operations recovered “faster than some meat buyers and analysts expected,” Reuters reports.
  • “This was a very difficult decision to make for our company and for me personally,” Andre Nogueira, CEO of JBS USA, said in a statement. “However, we felt this decision had to be made to prevent any potential risk for our customers.”

Why it matters:

Ransomware works by encrypting its target’s data and rendering it inaccessible to them. The perpetrators then offer the victim a key to ‘unlock’ their data in return for a ransom.

After Brazil-headquartered JBS raised the alarm last week, reports suggested that a “Russia-linked hacking group” known as ‘REvil and Sodinokibi’ was behind the attack.

JBS said in a statement that forensic probes into the attack are being carried out by third parties and that “preliminary investigation results confirm that no company, customer, or employee data was compromised.”

Join the Newsletter

Get the latest news & research from AFN and AgFunder in your inbox.

* indicates required
Share on email
Share on twitter
Share on facebook
Share on linkedin
Share on reddit
Share on whatsapp
Share on skype

AgFunder Newsletters & Research

Get the latest news in your inbox. Weekly.

* indicates required

Follow us:

Advertisement
Advertisement
Join Newsletter