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U.S President to raise cyber security with Putin

Published

2 years ago

June 3, 2021

Just days after a crippling cyber hack on global meat producer JBS, President Joe Biden is preparing to discuss the matter directly with Russia’s President Vladimir Putin.

Biden is reviewing the threat posed by ransomware attacks and will discuss the issue of harboring such hackers with Putin this month.

The leaders will meet in Geneva on June 16, amid sharp disagreements over election interference and human rights.

This week, the hack of Brazilian meatpacker JBS in the United States, became the third such ransomware hack in the country since January.

JBS told the White House this week it originated from a criminal organization likely based in Russia.

The FBI is now investigating.

President Biden was asked about the hack at the end of his news conference.

What threat will this incident have on food security with operations being impacted?

The cyber attack on JBS comes as the latest threat to global food supply chains.

The attack focused on the Brazilian company’s computer networks, impacting the five biggest beef plants in the US, all up handling 22 thousand 500 cattle a day.

It shut JBS’ Australian and North American computer networks and sidelined two shifts. This further halted processing at one of Canada’s largest meatpacking plants, but that beef facility has since resumed production.

Australian Operations were also down, whereas operations in Mexico and the U.K. were not affected.

Australia’s federal government took action to minimise impact on supply chain, Federal Agriculture Minister David said the technology and “systems they [JBS] use, go to the heart of the quality assurance of the beef that they process.”

“So we need to make sure that we can get that up and going to give confidence, not just to consumers here in Australia, but also to our export markets,” he said on Tuesday.

Despite the impact, the company was able to ship product from nearly all of its facilities to its customers.

Tenable’s Vice President of Operational Technology Security, Marty Edwards, says companies part of the food supply chain are ‘fairly resilient”

Concerns after cyber attack on U.S pipeline impacted gas supply

JBS has 47 facilities across Australia and operates the largest network of production facilities and feedlots in the country.

Hackers have the commodities complex in their crosshairs, with the JBS attack coming just three weeks after Darkside targeted the biggest US gasoline pipeline.

The Colonial Pipeline experienced a cyberattack that shut down its nationwide network on 7 May. As such, millions of barrels of petrol, diesel and jet fuel stopped flowing.

The hackers are from Russia’s “DarkSide”, who allegedly steal from larger corporations and give the ransom funds to charity.

After the cyberattack, President Joe Biden signed an executive order to strengthen cybersecurity defences across the US.

Related Topics:biden cyber cyber attack JBS putin supply chain

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December 1, 2023

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Tech giants have taken the lead in propelling global mega-cap stocks to new heights.

This surge comes as a welcome relief for investors who have been closely monitoring the impact of rising inflation on the financial markets.

The tech sector, including giants like Apple, Amazon, and Microsoft, has been instrumental in driving the rally. These companies have reported robust earnings and strong growth prospects, which has boosted investor confidence. As a result, the market capitalization of these tech behemoths has reached unprecedented levels, contributing significantly to the overall rise in global mega-cap stocks.

The easing of inflationary pressures has played a pivotal role in this resurgence. Central banks’ efforts to tame inflation through monetary policy adjustments have begun to bear fruit, reassuring investors and stabilizing financial markets. As concerns over rapidly increasing prices recede, investors have become more willing to invest in mega-cap stocks, particularly in the tech sector, which has demonstrated resilience in the face of economic challenges.

Will the tech giants maintain their momentum and continue to lead the mega-cap surge, or are there potential risks on the horizon?

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The driving force behind this push is the sharp decline in commercial property values, which has left many businesses concerned about their real estate investments.

Commercial property values have plunged in the wake of the pandemic, with many companies downsizing or reconsidering their office space needs.

This has put pressure on employers to reevaluate their remote work policies and encourage employees to return to the office. #featured

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Businesses cash in on Black Friday sales

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Black Friday, the annual shopping frenzy, has become a global phenomenon rooted in economic strategies.

Retailers deploy various tactics to lure consumers, creating a win-win scenario for both shoppers and businesses.

The concept of Black Friday traces its roots to the United States, where it marks the beginning of the holiday shopping season. Retailers offer significant discounts on a wide range of products to attract a massive customer influx. This strategy, known as loss leader pricing, involves selling a few products at a loss to entice customers into stores, hoping they will buy other items at regular prices.

Retailers also employ the scarcity principle by advertising limited-time offers and doorbuster deals. This sense of urgency compels consumers to make quick decisions, boosting sales.

Furthermore, online shopping has revolutionized Black Friday economics. E-commerce giants use data analytics to customize deals, targeting individual preferences. Cyber Monday, the digital counterpart to Black Friday, capitalizes on the convenience of online shopping. #featured