Tuesday, June 18, 2024

IT security incident to impact some of its businesses’ revenue: Sun Pharma

The company also said it would incur expenses in connection with the incident and the remediation.

The company also said it would incur expenses in connection with the incident and the remediation.
| Photo Credit: SHAILESH ANDRADE

Drug major Sun Pharma has said the IT security incident that happened earlier this month will impact revenues of some of its businesses.

As part of the containment measures, the company proactively isolated its network and initiated the recovery process.

“As a result of these measures, the company’s business operations have been impacted. Consequently, revenues are expected to be reduced in some of our businesses,” Sun Pharma said in a regulatory filing late in the night on March 26.

The company also said it would incur expenses in connection with the incident and the remediation.

Currently, the company is unable to determine other potential adverse impacts of the incident, including but not limited to additional information security incidents, increased costs to maintain insurance coverage, the diversion of management and employee time or the possibility of litigation, it added.

Sun Pharma had reported the incident on March 2.

The company said it promptly took steps to contain and remediate the impact of the IT security incident, including employing containment and eradication protocols to mitigate the threat and additional measures to ensure the integrity of its systems infrastructure and data.

These measures are underway as the company utilises global cyber security experts and enhanced security measures to address and mitigate the impact of the incident, it added.

A ransomware group has claimed responsibility for this incident.

“The company currently believes that the incident’s effect on its IT systems includes a breach of certain file systems and the theft of certain company data and personal data,” Sun Pharma said.

In a regulatory filing on Monday, Sun Pharma Advanced Research Company also said that it may incur certain expenses in connection with the incident and the remediation process.

“We are unable to determine the cost of remediation and other potential adverse impacts of the incident at this stage,” the company stated.

Shares of Sun Pharma on Monday closed 1.15% up at ₹983.95 apiece on the BSE.

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