• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
A person typing on a laptop with emergency plan icons, navigating the challenges of ransomware in various industries.

Industries Navigate Ransomware Challenges

07/02/2021
EU and UK Agreement Set to Boost Trade and Ease Tariff Burdens Across the Supply Chain

EU and UK Agreement Set to Boost Trade and Ease Tariff Burdens Across the Supply Chain

06/05/2025
UK Rail Freight Expansion Strengthens Supply Chain Resilience and Lowers Tariff-Linked Costs

UK Rail Freight Expansion Strengthens Supply Chain Resilience and Lowers Tariff-Linked Costs

06/05/2025
London’s EV Congestion Charge Review Signals Policy Shift with Trade and Tariff Implications

London’s EV Congestion Charge Review Signals Policy Shift with Trade and Tariff Implications

06/05/2025
Global Air Cargo Alliance Led by Carriers from Qatar, UK, and Malaysia to Boost Trade Connectivity and Tariff Efficiency

Global Air Cargo Alliance Led by Carriers from Qatar, UK, and Malaysia to Boost Trade Connectivity and Tariff Efficiency

06/05/2025
Germany’s Hamburg Port Expands Shore Power to Cut Emissions and Prepare for Future Tariffs

Germany’s Hamburg Port Expands Shore Power to Cut Emissions and Prepare for Future Tariffs

06/05/2025
UK Temporarily Exempted from U.S. Metal Tariff Increase

UK Temporarily Exempted from U.S. Metal Tariff Increase

06/04/2025
Trump Pushes Tariff Hikes Amid Legal Obstacles

Trump Pushes Tariff Hikes Amid Legal Obstacles

06/04/2025
U.S. trade deal efforts challenged by tight deadlines and tariff issues.

U.S. trade deal efforts challenged by tight deadlines and tariff issues.

06/04/2025
OECD Cuts U.S. Growth Forecast Over Rising Trade Costs

OECD Cuts U.S. Growth Forecast Over Rising Trade Costs

06/04/2025
U.S. Steel and Aluminium Tariffs Raised to 50%

U.S. Steel and Aluminium Tariffs Raised to 50%

06/04/2025
Tariff Hikes on Steel and Aluminum to Raise Consumer Prices

Tariff Hikes on Steel and Aluminum to Raise Consumer Prices

06/03/2025
U.S. Tariffs Add Pressure to China and EU Trade Talks

U.S. Tariffs Add Pressure to China and EU Trade Talks

06/03/2025
supplychainreport
Saturday, June 7, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

Industries Navigate Ransomware Challenges

by Richie
07/02/2021
in Cybersecurity in Trade, Risk Mitigation, Security & Risk, Security Protocols

YOU MAY ALSO LIKE

Social Media Videos Raise Questions on Luxury Goods Manufacturing, Prompt Denials and Investigations

Saviynt Unveils AI-Powered Identity Security Tool for Risk Management

In recent times, various industrial sectors face an increased risk of ransomware attacks, as supply chain constraints intensify the pressure to deliver essential components, agricultural products, medical supplies, and other critical goods. A case in point is the March 20 attack on Sierra Wireless, a Richmond-based IoT device provider, which resulted in a temporary production shutdown until March 26.

Kent Thexton, President and CEO of Sierra Wireless, addressed the incident during the company’s fiscal first-quarter earnings call in May, stating that the attack seemed confined to internal systems and the website. This incident underscores a dilemma faced by private sector companies: whether to pay a significant ransom to criminal actors or risk severe brand damage and disruptions to the supply chain. To mitigate such risks, businesses can implement precautionary measures, including data backup and plans for manual operations. However, challenges arise as some businesses either neglect these options or struggle to justify their effectiveness. Paul Proctor, Distinguished VP Analyst at Gartner, emphasizes the importance of executives collaborating with security and risk professionals to make informed decisions in preparation for potential ransomware scenarios.

Chris Rouland, Founder and CEO of Phosphorous Cybersecurity, highlights concerning trends in cybersecurity, with almost half of analyzed firms using default credentials and a significant portion of devices using outdated firmware. The current cyber threat landscape is described as the most challenging by Rouland, emphasizing the low risk for cybercriminals.

Sierra Wireless attributed its ransomware attack to Ragnar Locker, as reported during the earnings call. While details of the attack method, ransom amount, and payment status were not disclosed, the incident prompted $5 million in direct costs and an $18 million indirect impact for Sierra Wireless.
Law enforcement traditionally advises against ransom payments, yet corporate executives often prioritize maintaining operations, especially during supply chain bottlenecks. A report by Neustar International indicates that 60% of companies surveyed would consider paying ransom, with 20% willing to pay over 20% of their annual revenue for recovery.

In the agricultural sector, the ransomware attack on JBS, the world’s largest meat supplier, highlights cybersecurity risks in the often-overlooked food supply chain. The agriculture industry has been a target for years, with recent threats linked to international trade tensions and concerns about food security.

To address these challenges, the Biden administration issued an executive order aimed at standardizing cybersecurity practices in critical industries. The move comes in response to a series of ransomware attacks that exposed the lack of minimum standards and practices necessary to protect industries from extended disruptions.

Breaking supply chain news is just a click away at The Supply Chain Report. Enhance your knowledge of international trade at ADAMftd.com with free tools.

#RansomwareRisk #SupplyChainSecurity #CyberThreats #Cybersecurity #IoTDevices #SierraWireless #RagnarLocker #PhosphorousCybersecurity #JBSMeat #AgriculturalCybersecurity #BidenCyberSecurityOrder #BusinessContinuity #DataBackup #SecurityMeasures #RansomPaymentDebate #CyberRiskMitigation #ExecutiveCollaboration #GartnerInsights #PhishingThreats #SupplyChainChallenges #MedicalSupplyChain #CriticalGoodsSecurity

ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.