Cyber attack hits major forwarder 🥷

Ben Thompson
August 30, 2024

TOGETHER WITH

Welcome to all our new subscribers and a warm “Ahoy” to our loyal readers. Another new week, let's take a look 🔭

In today’s email:

Cyber-Attack: 🥷 JAS forwarding hit by malware.
Whiskey Hedge: 🥃 The rise of alcohol investing.
Is it Real?: 💵 How Counterfit money actually works.
Time to Pay: 🫴 US finalizes new tariffs on Chinese imports.

SHIPPING NEWS

JAS Forwarding Hit by Cyber-Attack

JAS Forwarding (JAS), a key player in the global logistics industry with over 7,000 employees and operations in more than 100 countries has confirmed a significant cyberattack has disrupted its operations worldwide. The breach, involving sophisticated malware, has caused widespread delays and challenges impacting the company’s ability to manage its extensive network of shipments and services.

In response, the organization acted quickly to secure its systems and enlisted external cybersecurity experts to investigate the breach. The company has remained transparent, keeping clients and partners informed through regular updates as the situation evolves. Stakeholders have been reassured that its website and communication channels remain secure and operational, based on the latest findings from the ongoing investigation. Notably, no ransomware demands have been made, and no group or individual has yet claimed responsibility for the attack.

Despite these challenges, contingency plans have been activated in various regions to ensure that urgent shipments and services continue to be managed. Some parts of the company’s operations remain unaffected, allowing it to maintain a level of service while working towards full recovery.

This incident underscores the growing importance of robust cybersecurity in the logistics industry, particularly for companies of JAS’s scale and significance. The focus now is on mitigating the impact of the attack and ensuring continued support for the global network of clients and partners, helping to safeguard the integrity of global supply chains.. See offical update

RISE OF WHISKY

Whiskey: A Hedge Against Market Volatility

Why are 250,000 Vinovest customers investing in whiskey? In a word - consumption. Global alcohol consumption is on the rise, with projections hitting new peaks by 2028. Whiskey, in particular, is experiencing significant growth, with the number of US craft distilleries quadrupling in the past decade. Younger generations are moving from beer to cocktails, boosting whiskey's popularity.

VIDEO OF THE WEEK

How Counterfeit Money Actually Works

Jeff Turner, a former counterfeiter who produced over $1 million in forged US currency, shares insights with Insider on his methods, how to spot counterfeit bills, and the global counterfeit scene. Now a printer in Tennessee, he exposes the tricks of the trade.

GLOBAL TRADE SNIPPETS

US finalizes new tariffs on Chinese imports.The US is set to implement substantial tariff increases on selected Chinese imports, including electric vehicles and strategic materials, in response to China's trade practices. The move aims to bolster domestic manufacturing and supply chain resilience.

Global air freight market shows strong growth. The global air freight market has experienced eight consecutive months of double-digit demand growth, highlighting its robust recovery. However, imbalances in capacity on key routes, particularly from Asia Pacific, pose cost challenges.

Canada rail operations back after strike resolution. Canadian rail operations are resuming after a strike that had disrupted services across the country. The resolution ensures the continuity of freight movement, vital for Canada's economy, though lingering delays might persist.

China tightens export controls on UAVs. Starting September 1, 2024, China will enforce revised export controls on unmanned aerial vehicles (UAVs), tightening restrictions on certain components and prohibiting the export of drones for military or terrorist uses.

10 Amazon Prime Benefits You Need To Be Using

From paper lists to Amazon Prime, times have changed. While fast shipping and exclusive shows are well-known, these 10 hidden perks can take your membership to the next level. Read more

TOOLS & RESOURCES

Thinking about sourcing directly from manufacturers at the Canton Fair? Explore our comprehensive course, Master Sourcing at the Canton Fair.

Need to calculate the volume or weight of your goods? Use our free CBM calculators for Sea, Air, Land, Rail, and Courier.

Searching for shipping and export documents? Discover our free template gallery with 30+ UNLK-standard documents.

Trying to figure out the landed costs of your goods? Use our Landed Costs Calculator.

Daily News for Curious Minds

“I stopped watching the news, so sick of the bias. Was searching for an alternative that would just tell me WHAT happened, with NO editorializing. I found it. It’s called 1440. It assumes you are smart enough to form your own opinions.”

SHIPWRECK OF THE WEEK ⚓️☠️

Launched in 1946, the MV Captayannis was a Greek cargo ship that operated in European waters. On January 27, 1974, while anchored in the Firth of Clyde, the ship was caught in a severe storm and collided with a BP tanker. The collision caused the Captayannis to take on water, and despite the crew's efforts, the ship capsized and was abandoned. Today, the wreck remains in the Clyde estuary, a visible reminder of its ill-fated journey................... Click to see shipwreck👀

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