Though Iger did not reveal the name of the film it is believed to be Disney's latest Pirates film "Dead Men Tell No Tales".
Iger said Disney is working with the FBI, according to the Hollywood Reporter. Iger reportedly made these comments during the town hall meeting with ABC employees in New York City, THR said citing multiple sources.
The hackers have demanded "enormous amount" of money via online currency Bitcoin.
They have threatened to release five minutes of the film at first, and then in 20-minute chunks until their financial demands are met.
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The ransom demand for the Disney movie is not an isolated case as Netflix recently faced a similar situation when their popular show "Orange Is The New Black" was leaked online.
The hackers had demanded money and when Netflix refused to pay, they released the episodes weeks before its official launch.
The fifth installment of the highly-profitable "Pirates" franchise stars Javier Bardem as the villain opposite Johnny Depp's Captain Jack Sparrow.
Other Pirates favourites set to return include Orlando Bloom as Will Turner, Keira Knightly as Elizabeth Swann and Geoffrey Rush as Captain Hector Barbossa.