Security News > 2021 > April > Molson Coors Cyberattack, Storms Could Cost Company $140 Million
Brewing giant Molson Coors said that a disruptive cyberattack, combined with winter storms in Texas, could cost the company upwards of $140 million in short-term EBITDA. The maker of popular beer brands in the U.S., including Coors Light, Miller Lite, Molson Canadian, Blue Moon, Carling, Coors Banquet, and others, revealed on March 11 that a cyberattack severely disrupted several parts of its business, including brewery operations, production, and shipments.
"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 said.
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 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 fiscal year 2021.".
Molson Coors did not respond to a SecurityWeek inquiry requesting a breakdown of costs between the cyber incident and Texas storms.
"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.
Last summer beverages company Lion, a major supplier of beer and milk in Australia and New Zealand, was hit by a ransomware attack that caused disruptions to manufacturing processes and customer service.