The FBI said hackers based in Russia targeted JBS (OTCMKTS:JBSAY), the biggest meat producer in the world, with ransomware this week. According to Fox Business, other hackers based in Russia and other countries hit the Colonial Pipeline and other infrastructure, Washington, D.C.’s Metro Police Department, water-treatment plants, small businesses and even hospitals.
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Details on the JBS cyberattack
Beef prices increased after JBS revealed that it had been targeted by ransomware. However, CNBC reports that the company said it had made "significant progress" in resolving the issue, which has impacted operations in North America and Australia.
CNBC warned that the cyberattack on JBS could pressure restaurant margins if the problem isn't resolved quickly enough. The company expected most of its plants to be back up and running by Wednesday after disclosing the attack initially on Monday.
According to NPR, the White House says it is talking with Moscow about the ransomware attack against JBS. The company told the Biden administration that it believes a criminal organization in Russia was responsible for the attack.
Was it a dry run for something bigger?
JBS processes 20% of the meat and pork in the U.S., so it was a pretty big target. However, Fox Business spoke to experts about whether the attack could have been a dry run for an attack on something even bigger.
Some experts told Fox Business that the attack against JBS could indeed have been a sort of practice for an attack on an even larger target, although they add that it could be too soon to say. Further, there's not enough evidence that this is the case.
Laura Hoffner of security and risk management firm Concentric told the news outlet that she believes the bigger risk is that more and more cyberattackers are seeing how lucrative it can be to carry out ransomware attacks on big targets like JBS and Colonial Pipeline. She added that if the JBS attack turns out to be a dry run sponsored by a foreign government, it would be "an act of war."
Strong responses to ransomware attacks needed
Former Virginia Rep. Denver Riggleman has served in military and private intelligence, and he said it's important for the government to demonstrate serious repercussions for hackers. He believes the U.S. has a "weak cyberdefense national strategy."
Riggleman called for strong retaliation to ransomware attacks following the Colonial Pipeline attack, which caused gas shortages in large parts of the Southeast. Two weeks ago, he said the U.S. must "pick the first country that f___ with us in a cyber way and bring then to their knees."
Then on May 12, President Joe Biden signed an executive order highlighting new goals for cybersecurity. However, the attacks haven't stopped. Riggleman noted that "chaos" would rule, and there would be "an absolute zombie apocalypse" if hackers took out the nation's power and communications all at once.
However, Hoffner advised against a military response, speaking out in favor of public and private collaboration.
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