Cann Group falls victim to cyber attack

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Image credit: investors.canngrouplimited.com

Medicinal cannabis manufacturer Cann Group announced it has lost $3.6 million in a “sophisticated” cyber-security incident involving an unknown third party.

Cann Group said the breach was discovered last week and is currently under investigation.

“The Company and its overseas contractor are investigating the incident thoroughly, including the engagement of external security and forensic IT experts to assist,” it said in a statement.

“The matter has been reported to police in Victoria, Australia, the Netherlands and Hong Kong, as well as the Office of Drug Control.”

The incident occurred when Cann Group made payments of approximately A$3.6 million to an overseas contractor in relation to works being undertaken at its Mildura facility.

“However those payments have been received by an unknown third party as a result of a complex and sophisticated cyber fraud perpetrated against the Company and its overseas contractor,” reads the statement.

Cann Group said it is working with its bank to determine if any of the payments can be recouped. It has also notified its insurance brokers to see if a claim can be made to recover any of the losses involved.

According to the company’s statement, immediate action has also been taken to ensure the integrity of its IT systems.

Image credit: investors.canngrouplimited.com