Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2019
Waterloo Brewing discloses social-engineering cyberattack and fraudulent transfer
Issue disclosure
Waterloo Brewing disclosed that a social-engineering cyberattack involving creditor-employee impersonation and fraudulent wire-transfer requests resulted in approximately CDN$2.1 million being transferred to a fraudulent account. The company said it did not believe its systems had been breached or customer personal information was at risk, and reported that it had not recovered the funds to date.
Company response
Investigation — Waterloo Brewing Ltd.
The Company has engaged its third-party IT services provider to conduct an independent investigation of the Company's systems
Remediation — Waterloo Brewing Ltd.
is working with its auditors and bank to ensure that appropriate steps have been taken to mitigate the chance of any future occurrences of similar cyberattacks.
Source excerpt
The incident occurred in early November and involved creditor employee impersonation and fraudulent wire transfer requests by such third party from the Company.
(Waterloo Brewing) - Waterloo Brewing Ltd. today announced that it has been subject to a social engineering cyberattack by a sophisticated third party that resulted in a wire transfer of the Company's funds to a fraudulent third party account.
To date, the Company has not recovered any of the approximately CDN$2.1 million wired to the fraudulent third-party account.