Waterloo Brewing Suffers Cyber Attack

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 KITCHENER, Ont. — Waterloo Brewing Ltd., fell victim to a cyber attack earlier this month. 

The company reports the attack was perpetrated sometime in early November and involved creditor employee impersonation and fraudulent wire-transfer requests by third-party hackers. 

The wire transfers ended up totaling close to $2.1 million.

In a statement, the company says upon becoming aware of the attack, it began an analysis of all other transaction activity across all of its bank accounts, as well as an internal review of its computer networks. At this time it is believed that none of the company’s systems were breached and no customer information is at risk.

In accordance with Canadian and American law, the brewery notified both the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the United States’ Finance Crimes and Enforcement Network (FinCEN).

To date, the company has not recovered any of the approximately $2.1 million wired to the fraudulent third-party account. 

The brewery does not expect this incident to have a material impact on its business going forward or otherwise impact its near-term liquidity requirements or its ongoing operations.

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