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Home Business and Finance

World’s Largest Meat Processing Company Paid $11 Million As Ransom To Cyber Criminals

by Shaheer Ansari
June 10, 2021
in Business and Finance
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The world’s largest meat-processing company, has paid the equivalent of $11 million (£7.8 million) in ransom money in order to finish the impact of a major cyber attack.

JBS ” computer network was hacked last week and it had temporarily shut down some of the operations of the Australia, Canada, and the United States factories.

Payment Made Via Bitcoin

It should be noted that the payments were made with the help of bitcoin.

JBS said it had to pay ransom in order to protect their clients.

When attacked by the hackers, ransomware infiltrates your computer network and you are unable to create or delete files unless a ransom is paid in bank or via cryptocurrency.

‘Very Difficult Decision’

“This is a very difficult decision for the company and for me personally,” said JBS chief Executive Andre Nogueira. 

The company added that the money was paid to the cyber attack group despite the fact that the “vast majority” of its factories remain operational.

The company was forced to halt cattle slaughtering at all of its US plants for a day.

The foods, and retail prices have increased.

Russia’s Involvement

The white House said in a criminal investigation that “it is probably a Russian company that was behind the cyber mischief”.

Last month, the transportation of the fuel, for example, in the south-east United States was suspended after the ransomware attack on the Colonial Pipeline system.

The researchers claim that the attack was linked to a Russian-group.

The Colonial Pipeline, has once again confirmed that it paid a ransom of $ 4.4 million (£3.1 million) to a computer-related crime.

The brazilian company JBS, said, “the preliminary results of the study indicate that no single company, a customer or employee information was compromised” after its systems were hacked.

Tags: cyber attackJBS
Shaheer Ansari

Shaheer Ansari

Shaheer is a Business, Finance, DeFi, and Entertainment journalist. He enjoys keeping up to date with industry happenings and gossips, thereby enabling him to report well-researched and latest stories to our readers.

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