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Cann Group (ASX:CAN) loses $3.6M in cyber attack

Health Care
ASX:CAN      MCAP $27.12M
08 February 2021 10:10 (AEST)

Cann Group (CAN) may have lost around $3.6 million in a recent cyber security breach.

On February 4, Cann Group made payments of around $3.6 million to an overseas contractor for works being undertaken at its Milura factory.

Overnight, however, the funds were intercepted by an unknown third party in a complex cyber fraud effort.

Acting quickly, Cann began working with its bank to determine if any of the payments could be halted or recovered. Insurance brokers were also immediately notified to determine if a claim can be made to recover any of the losses involved.

Meanwhile, Cann is also working to weed out any issues towards the integrity of its IT systems.

The company says despite the loss it is able to continue to grow its operations and projects, including the construction of its Mildura facility, regardless of any funds being recovered.

The incident is now being investigated thoroughly by both Cann and its overseas contractor, with the help of external security and forensic IT experts.

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

Cann is in the grey, last trading at 66 cents at 10:12 am AEDT.

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