Source: Brainstudy.info, Morning Wrap
Cyberattack has been impacting our lives… impacting hospitals in Jan., the gas line in May, and the beef supply this time.
Ugh? Beef is under a cyberattack? 🥩
Yesterday, the world’s largest meat producer JBS confirmed that it got a ransomware attack - leading to a halt of 10 meat plants across US, Canada, and Australia. Production of beef, poultry, and pork was all disrupted.
- JBS accounts for 23% of the American beef supply, while Asia shares more than half of JBS’s total exports… so this is really something to all of us.
Who is responsible? JBS suspects that the hack is from a hacker group based in Russia. The White House soon said that it is engaging with the Russian Government, while Russia responded that no information could be provided.
That’s worrying… is our burger supply fine?
So far, so good. 🍔 Even there’s a temporary shortage, grocery stores are unlikely to push for an immediate price hike as consumers would react negatively. So this is yet reflected… but we may get some color from the following numbers.
- Number of cattle slaughtered would drop 22% this week vs. last week due to the plant closure, as per estimated by the Agricultural Department.
- Live cattle-futures was down 1.9% as the plant closure led to less demand. 📉
Oh no! When can it resume?
It’s moving back online slowly now. JBS’s backup server is free from this attack… that’s lucky enough!
- But still, given JBS’s giant size globally, this could lead to a supply chain disruption if it lasts 1 week or longer. 😰