Why Ag Businesses Need To Be Wary of Growing Ransomware Threats
The Federal Bureau of Investigation (FBI) has issued a notification warning agricultural cooperatives about a notable increase in ransomware attacks during the critical seasons of planting and harvest. To serve as proof of the real threat, research by NordLocker has shown that agribusiness was among the top industries targeted by ransomware gangs in 2020-2021.
“Disrupting operations of agribusiness, including agricultural cooperatives, during key seasons may result not only in huge financial losses for some conglomerates. It may also drastically impact the food supply chain and result in surging product prices for a consumer, chaos in trading and stocks, spoiled food, or even its shortages,” explains Oliver Noble, a cybersecurity expert at NordLocker, an encrypted cloud service provider. “Well aware of the matter, cybercriminals look for vulnerabilities to exploit, and some agribusiness companies may unwillingly serve them in the form of lack of robust protection.”
Agribusiness may be enticing to cyber racketeers because of the core processes that steer the industry. “The reputation of companies in this industry is largely built upon the on-time service delivery, for example, production and supply of seeds and fertilizers during the planting season, which is at risk during any delays caused by ransomware attacks,” Noble adds. “This provides ransomware groups with conditions that make a payout more likely. Additionally, the industry may be a tempting target to ransomware gangs because of its relatively traditional business model, which is to a large degree yet to implement advanced cybersecurity solutions.”
Even though big companies have a higher probability of offering hackers larger ransoms, small companies are not safe either. “Small enterprises usually do not have the same cybersecurity checks in place as larger businesses, making them an easier target for ransomware attacks. For example, among 17 agribusiness companies that fell victim to ransomware in 2020-2021, there were a family-owned wholesale tree farm and California’s premier supplier of cherries and apples,” he notes.
For tactics on how to protect your business from ransomware, continue reading at CropLife.com.
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