Molson Coors "Cyberattack Incident" Could Cost Company $140 Million

 

The popular beer brands producers in the United States such as Molson Canadian, Coors Light, Miller Lite, Carling, Blue Moon, Coors Banquet, and many more, disclosed severe impacts of a cyberattack on their business, including brewery operations, production, and shipments. 

Brewing giant Molson Coors stated that the disruptive cyberattack led to a huge disruption in its brewery functioning operations and is going to cost the organization around $140 million. Additionally, Officials added that the company is working hard for its normalization: production and shipping have yet to reach normal operating levels. 

“Despite this progress led by the significant efforts of the Molson Coors team, along with the support of leading forensic information technology firms and other advisors, the Company has experienced and continues to experience some delays and disruptions in its business, including brewery operations, production, and shipments in the U.K., Canada, and the U.S.,” a March 26 statement reads. 

While the firm did not press a cause for what is being called a "cybersecurity incident”, but the occurrence comes amid a wave of malware and ransomware attacks that has a huge impact on companies worldwide. The recent cyberattack affected healthcare providers, computer producers- Acer, IoT provider Sierra Wireless and various other giants. 

The company stated that the cyber attack is going to impact its first quarter of business and consequently 2021 financial revenue as well, but the company has not released specific figures on expected costs. But, it is being observed that for the normal revenue company has to work hard and wait. 

According to the company, “the cybersecurity incident and the February winter storms in Texas will shift between 1.8 and 2.0 million hectoliters of production and shipments from the first quarter 2021 to the balance of the fiscal year 2021 and will also shift between $120 million to $140 million of underlying EBITDA from the first quarter 2021 to the balance of the fiscal year 2021.” 

The company is also yet to share its technical data regarding the cyber attack incident, but various experts are speculating that it could be ransomware-related cybercrime. 

“We notified law enforcement and are cooperating in their investigation. We also have notified and are working with all of our relevant insurance companies,” the company said in a statement.