Molson Coors, the Chicago-based brewer company, has disclosed a cybersecurity incident that has caused its business operations to be interrupted.
The hack has taken down the company's systems, halting its beer production and distribution, Molson Coors said in a regulatory SEC filing on March 11, Thursday.
According to the company, an investigation regarding the matter has started. And, it is "working around the clock to get the systems back up as quickly as possible."
Adam Collins, Chief Communications and Corporate Affairs Officer said, "We have engaged a leading forensic IT firm to assist our investigation into the incident. We will continue to communicate with our business partners with updates."
Miller Coors noted in the filing that "Although the Company is actively managing this cybersecurity incident, it has caused and may continue to cause a delay or disruption to parts of the Company's business, including its brewery operations, production, and shipments."
The company has not confirmed when it plans to restart regular production. The stock of Molson Coors dropped 1.2 percent in the Thursday trading. In the past year, it is up by 13.5 percent.
As per the Brewers Association, Molson Coors is America's second-largest beer manufacturer, just behind Anheuser-Busch, the maker of Budweiser.
Molson Coors owns a diverse range of beer brands, such as Coors and Miller, Blue Moon, Foster's, Grolsch, Killian's, Molson Canadian, and Peroni.
While the company has not given any further information about the cyberattack, some security analysts believe it was a ransomware attack.
Campari Group, a well-known Italian beverage company of brands like Campari, Cinzano, and Appleton, was affected by a ransomware attack in November that crippled a portion of its IT infrastructure.
Campari became the second large beverage company to fall victim to a ransomware attack, after Arizona Beverages.
Niamh Muldoon, Global Data Security Officer at OneLogin, said “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 victims ransom for financial payment.”
Muldoon commented that the Miller Coors case demonstrates how hackers target prominent companies to disrupt critical operations.
“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, he added.”
