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beer brand giants Cyber Attacks Molson Coors USA

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.
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Molson Coors
Beverage Manufacturer Cyber Attacks Cybersecurity Incident Molson Coors

Beverge Manufacturer Molson Coors Targeted in Cyber Attack

 

Brewing giant Molson Coors revealed on Thursday that it has experienced a ‘cybersecurity incident’ that has disrupted its operations and beer production. The cyberattack forced the beverage manufacturer to take its system offline, including affected portions of its production and distribution operations. 

The company did not share details of which type of attack has caused widespread troubles across its entire business, however, given the recent history of major attacks on several companies, security experts are speculating that it could have been a ransomware attack. “Molson Coors experienced a system outage that was caused by a cybersecurity incident,” the company said in a statement. 

To investigate the incident, Molson Coors has engaged leading forensic information technology firms and legal counsel to assist the company’s internal investigation and is working to get systems back up as quickly as possible. 

Niamh Muldoon, global data protection officer at identity and access management specializes OneLogin, said high-profile manufacturers were particularly at risk from cyber attacks of this nature. “Ransomware remains a global cybersecurity threat and is the one cybercrime that has a high direct return of investment associated with it, by holding the victim’s ransom for financial payment,” she stated. 

“On a global scale, cybercriminals will continue to focus their efforts on this revenue-generating stream. This reinforces what we’ve said before that no industry is exempt from the ransomware threat and it requires constant focus, assessment, and review to ensure that critical information assets remain safeguarded and protected against it,” she further added. 

Edgard Capdevielle, CEO at Nozomi Networks, a specialist in operational technology security added: “High profile attacks are becoming all too common, as attackers have realized they are immensely profitable when they target large organizations and disrupt their critical business operations – in this case, the brewing operations of the world’s biggest, well-known beer brands.” 

This is not the first high-profile cybersecurity incident as of late. Last week, threat actors targeted hundreds of thousands of Microsoft Exchange users around the globe and leaked private information on the dark web.
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