Cann Group loses $3.6m to a Cybersecurity Fraud

Australia based Cann Group that indulges in specialized research related to Cannabis is said to have become a victim to a sophisticated cyber attack where the company lost $3.6 million to a cyber imposter.

In what is known to our Cybersecurity Insiders, the company made several payments accounting to $3.6 million that were made to a cyber imposter who posed as an overseas business contractor.

Although the company denied disclosing further details, unconfirmed sources say that a group of cyber thieves committed the fraud from Hong Kong, who often route such illegal earnings through China.

The law enforcement from Victoria has jumped into service to investigate the cyber incident along with the Office of Drug Control (ODC).

Cann Group has informed the Insurance company for any loss coverage and hopes that its insurer will bail it out of such cyber frauds.

Meanwhile, Cann Group’s IT staff has build a large scale production plant in Mildura, Victoria is busy checking the integrity of its IT systems. Unconfirmed sources say that the plant will be capable of building 13,000 kilograms of Cannabis flower per annum once fully operational.

Note- Cann is the one of the very few companies that has been issued a license to grow the opium drug for medical research purpose since 2017. And despite the cyber fraud, the company will complete the construction of the new plant at the Mildura facility.

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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