First Pipelines and Now Meatplants, Cyberattacks Set to Raise Meat Prices 30%

JBS canceled shifts at large US and Canadian meat plants on Tuesday after the company was forced to stop its slaughter of livestock after it was hacked by cybercriminals ‘based in Russia.’

Fears of meat shortages and 30% price hikes as world’s largest supplier are crippled in Russian cyberattack: JBS halts production at four of company’s biggest US plants from Texas to Wisconsin

  • Biden administration blames Russia for a cyberattack that shut down JBS plants
  • JBS also claims that the attack was done by cybercriminals based in Russia
  • Some 20% of US beef-producing capacity was crippled by hack
  • US division of Brazilian meat company JBS announced the hack on Sunday
  • US headquarters also controls operations in Canada and Australia
  • Canada and Australia both reported shutdowns in their work due to the hack
  • Plants in several US states stopped the slaughter of livestock on Tuesday
  • Hack caused shutdown of plants in Texas; Iowa; Minnesota; and Colorado
  • It is unclear who is behind the attack, which shut down their computer systems
  • In early May Russian hackers from Dark Side shut down the Colonial Pipeline
  • They were paid a $4.4 million ransom after the vital fuel artery was closed

JBS canceled shifts at large US and Canadian meat plants on Tuesday after the company was forced to stop its slaughter of animals after it was hit by a cyberattack over the weekend from ‘ransomware criminals based in Russia,’ it’s been alleged.

The hack over the Memorial Day weekend threatens to disrupt food supply chains and further inflate food prices by as much as 30% as one-fifth of the American beef-producing capacity was shut down.

JBS beef and pork plants in Ottumwa, Iowa; Worthington, Minnesota; Cactus, Texas; and Greeley, Colorado announced on Facebook that they were canceling their ‘kill shifts’ on Tuesday. It is unclear when those plants will resume operations.

The attack caused JBS’s Australian operations to shut down on Monday. The company, the world’s largest meatpacker, said it was working to resolve the incident, which has stopped livestock slaughter in JBS plants in several US states.

First pipelines and now meat plants. So what is going on here? Is this a new trend? Perhaps it is merely copycat hackers or is it something larger? The effect of these attacks has been to create shortages and raise prices. It adds to the already inflationary effects of the fiscal and monetary policies the government has launched onto the American people.

What other areas of our economy will be hit? 

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Posted by Tom Williams

Born down on the farm in America's Midwest, my early life was spent climbing the ladder via a long career in information technology. Starting as a technician, and after earning a degree going to night school, I eventually found a place working at ATT Bell Laboratories as a software engineer.

Later moving into management and then a long stint in a major management consulting firm working with major banking, telecommunications, and retail companies. Working in various states in America, I also spent considerable time living and working in several European countries - currently expat in France. As a side career, I was heavily involved in real estate development and an avid futures trader. This experience can give one a unique view of the world.

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