Roy Gilbert

Put Your Wallet Away. Meat Prices Are Not Likely To Rise After JBS Cyberattack

The cyberattack on the world’s largest meat processor won’t have an immediate effect on U.S. prices, analysts said on the heels of an announcement that the company plans to restart production on Wednesday. But if the suspension across JBS USA’s five plants continues for more than a week, then consumers could expect to pay a little more for a T-bone steak.

JBS closed slaughter plants in the U.S., Canada and Australia on Sunday after learning it was the target of a cybersecurity attack on its servers, according to the company. The sudden move rocked the industry after the three-day weekend and sparked a flurry of speculation of a possible beef and pork shortage that might send prices skyrocketing in the coming weeks.

But by Tuesday evening, the Brazil-based company said that many of its systems were already coming back online.

“Given the progress our IT professionals and plant teams have made in the last 24 hours, the vast majority of our beef, pork, poultry and prepared foods plants will be operational tomorrow,” said Andre Nogueira, JBS USA CEO.

“We are not sparing any resources to fight this threat. We have cybersecurity plans in place to address these types of issues and we are successfully executing those plans,” Noguiera said.

He added that the massive disruption did not succeed in crippling the company’s shipping operations, saying the company was “able to ship product from nearly all of its facilities to supply customers.”

Even without cyberattacks the meat market is a volatile industry The U.S. is […]