Canada brewery loses $2.1m in social engineering-based Cyber Attack

Canada based Waterloo brewery says that it has lost $2.1 million in a fraud committed by hackers through social engineering attack. The Ontario based brewery, however, accepted that it did not lose any data in the attack and all its production and clientele info was safe and secure from the hands of hackers.


After learning about the attack the Waterloo Brewery immediately initiated the action of auditing its bank records and cleared the air that no financial fraud other than the one committed now has happened in the past two years.


Data related to the fraudulent wire transfer made to the accounts of hackers was notified to the authorities related to Financial Transactions and Reports Analysis Center of Canada and the United States Finance Crimes and Enforcement Networks.


George Croft, the CEO of Waterloo Brewing said that more details related to the attack will be available by early next week.


Meanwhile, the law enforcement agency and Canadian Anti Fraud Center has advised the companies operating in its region to first verify the requests of the money transfer either by calling or email and then make the transfer to the account. Also, the agency has asked all immediate money transfer requests to be put on suspicion radar.


Note- Defining specifically, a social engineering attack is nothing but a malicious activity which takes place due to digital human interaction. First, the threat actor impersonates a person or company and sends an email to a target to make a money transfer on an immediate note after gaining the victim’s trust by various means. This attack can also be assumed as an attack that happens due to human errors. And from the past two years, the said style of attack has attained evolved into various forms such as baiting, scareware, spear phishing, and pretexting.

Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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