JBS Pays $11 Million Bitcoin Ransom to Resolve Cyberattack
Meat processing giant JBS hands over $11 million in bitcoin to hackers following a Memorial Day weekend ransomware attack. The company states the payment prevents potential risks for its customers and ensures no data is exfiltrated.
Meat supplier JBS pays $11 million in bitcoins to hackers following a massive ransomware attack over Memorial Day weekend. JBS USA CEO Andre Nogueira calls the payment a very difficult decision but says it is necessary to prevent any potential risk for customers. The company makes the transaction to mitigate unforeseen issues related to the attack and to ensure no data is stolen from their systems.
The FBI attributes the cyberattack to Russia-based hackers, continuing a troubling trend of foreign cybercriminals targeting critical American infrastructure. JBS spends $200 million annually on IT services and maintains constant contact with federal officials throughout the incident. Preliminary investigation results confirm that no company, customer, or employee data is compromised during the breach.
This massive ransom payment follows a similar incident last month involving Colonial Pipeline, which pays $4.4 million in bitcoin to the Russia-based hacker group DarkSide. Federal agencies consistently recommend that companies avoid paying hackers ransom to discourage future attacks. Despite these guidelines, major corporations continue to hand over millions in cryptocurrency to quickly and safely restore their operations.