(INTELLIHUB) — The world’s largest meat producer JBS SA has forced the shutdown of the company’s many meat plants worldwide, and more are to follow.
A May 30 cyberattack left the largest meat plant in Canada crippled and offline, along with one plant in Australia and others in the United States forced to send employees home.
Rhetoric in the media affirms that meat plants, packers, and producers are in for a major downtick in production, affecting markets and supply worldwide. All of the confusion will likely lead to more food insecurity and crisis, which is a battle many currently fight.
Markets fluctuated after the announcement, which sent ripples through the investment community.
“JBS’s shares rose 0.4% in Sao Paulo, trailing a 1.4% gain for the Ibovespa benchmark index,” reports Yahoo Business. “Chicago cattle futures slumped as much as 3.4% to the lowest levels since Jan. 12, before trimming losses to about 2.5%. The potential slaughterhouse closures at JBS plants exacerbated an existing supply glut, with too many cattle than the capacity to process them.”
Reports claim that cyber hackers had it out for JBS SA after a Russian GRU spy team successfully extorted $5 million in untraceable cryptocurrency after shutting down a major U.S. pipeline.
The company’s backup servers were not affected by the attack.
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