Pemex experiencing problems after cyber attack shut system

Pemex (mostly used name) is Petróleos Mexicanos. This translates to Mexican Petroleum. It is the Mexican state-owned petroleum company. It was created in 1938 by nationalization or expropriation of all private, foreign and domestic oil companies at that time.

Pemex had total assets worth $415.75 billion (in December 2005). The majority of its shares are not listed publicly and are under control of the Mexican government, with the value of its publicly listed shares totaling $202 billion in 2010, representing approximately one quarter of the company's total net worth.

Ransomware is a type of malicious software designed to block access to a computer system or computer files until a sum of money is paid. Most ransomware variants encrypt the files on the affected computer, making them inaccessible, and demand a ransom payment to restore access.

A ransomware attack hit Pemex. It is disrupting the company's billing systems. Some people have said that Pemex is relying on manual billing temporarily. This could slow its operations. Some have said that some employees couldn't access email or the internet. The computers were slowed down.

Pemex says that gasoline supply is guaranteed. The cyber attacks happened on Nov. 10. They affected less than 5% of personal computing devices.

Pemex’s ransomware attack involves systems being frozen by hackers until a ransom is paid. Unfortunately, these kinds of attacks have happened to several other companies in the past.