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Swedish supermarket chain Coop forced to close due to ransomware attack. Photo: Ali Lorestani/TT News AgencyAFP via Getty Images

Businesses around the globe are dealing with another big ransomware attack, linked to the Russia-connected REvil group that previously hacked meat processor JBS.

Catch up quick: The new attack exploits a flaw in software that middleware provider Kaseya supplied to customers, who are themselves companies that provide managed services to other businesses.

The big picture: This is a spectacularly successful example of a software supply chain attack — where hackers use vulnerability in a supplier's code to access all its customers' systems.

Yes, but: There's a strong case that managed services providers prevent more attacks than they cause, writes Bloomberg columnist Tim Culpan.

What they're saying:

  • Crowdstrike co-founder and former CTO Dmitri Alperovitch: "This is without a doubt going to turn out to be the biggest, most destructive ransomware campaign that we've seen so far."
  • U.S. Chamber of Commerce senior VP Christopher Roberti: "The U.S. government must take the fight to these foreign cybercriminal syndicates."

Go deeper: The ransomware pandemic

Go deeper

Port of Houston targeted in attempted cyber attack

An industrial facility near the Houston Ship Channel, part of the Port of Houston. Photo: LOREN ELLIOTT/AFP via Getty Images

The Port of Houston, a critical port on the Gulf Coast, "successfully defended itself" against an attempted cyberattack last month, it said in a news release Thursday.

State of play: Cybersecurity and Infrastructure Security Agency Director Jen Easterly first told a Senate panel about the attack Thursday morning, adding that she believed a “nation-state actor” was behind it.

Dan Primack, author of Pro Rata
15 mins ago - World

Merkel's departure could bring influx of private investment

Christian Democratic Union (CDU) party chairman and candidate for the federal elections, Armin Laschet, in front of German Chancellor Angela Merkel in Berlin on Sept. 26. Photo: Clemens Bilan - Pool/Getty Images

Angela Merkel's departure from German government may result in a massive influx of private investment.

Driving the news: The center-left Social Democratic Party, led by chancellor candidate Olaf Scholz, clinched a narrow victory in Germany's federal elections. It now will seek to form a coalition government by year-end with the Greens and the Free Democrats.

Instagram pauses development of platform for kids

Photo: Lorenzo Di Cola/NurPhoto via Getty Images

Instagram announced Monday that it is pausing its plans to develop a version of its platform for children under 13.

Why it matters: Facebook has received backlash since the Wall Street Journal published a report that showed the company knew its Instagram app is harmful for teenagers.