insights (Sponsored by StoneX) August 2021 - 2

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more complex and harder to control
when considering associated data from
suppliers and customers - linking and
joining information throughout the supply
chain. The growing sophistication of
technology available and its increasing uses
highlight the possibilities of technology
and data but also usher in a host of
data security risks for the industry.
1. Broadened Scope
Data-related attacks were once largely
relegated to the financial and retail
industries, but bad actors are broadening
their scope to include new victims.
Between 2005-2021, cyber-attacks impacted
Wendy's, Modelez, Huddle House, Caribou
Coffee, Dunkin, Sonic, Compari, Arizona
Beverages and MGP Ingredients, creating
major disruptions for food and beverage
manufacturers large and small. Incredibly
damaging to its victims, these attacks seem
to be a warm-up for groups like REvil, a
Russian-speaking group, who announced the
agriculture industry as its next target.
In May 2021, REvil ransomware launched
a cyber-attack on JBS, the world's largest beef
producer. After ransomware breached its
network, JBS was forced to shut down some
of its worldwide food production sites. The
malware unleashed by REvil threatened JBS
with publishing sensitive data and blocked
access until a ransom was paid.
The company paid REvil $11 million of the
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initial $22.5 million demand to prevent the
loss of its data from being publicly linked
and mitigation of a host of related technical
issues. The company stated the decision to
pay the ransom was to prevent potential
damage to suppliers and customers across
the organization in addition to mitigating a
dive in stock prices and the potential of class
action lawsuits.
2. Human Element
The hard-knock cyber security lessons
experienced by companies like Modelez
and JBS are providing a wake-up call within
the industry. Those looking to mitigate
disruptions in production and the potential

insights (Sponsored by StoneX) August 2021

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https://www.nxtbook.com/sosland/fcs/2018_10_01
https://www.nxtbook.com/sosland/fcs/2018_02_01
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https://www.nxtbook.com/sosland/fcs/2015_11_01
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