Sun Pharma Revenues Take a Shot due to Major Ransomware Attack

Moneylife Digital Team 31 March 2023

Economy & Nation

Sun Pharma, one of India's leading pharmaceutical companies, has recently admitted that its operations and revenues have been impacted by a cyberattack on its IT assets that occurred on 2nd March.

Initially, the company stated that the incident did not impact its core systems and operations. However, a recent filing to the stock exchange reveals that the attack did have an impact on the company’s business operations and revenue.

The company has taken containment measures and isolated its network while initiating the recovery process but admits that some of its businesses will experience reduced revenues as a result of the attack.

This incident involved a breach of certain systems and theft of company and personal data. A ransomware group has claimed responsibility for the attack. The company has not been able to determine the full extent of the impact, including the possibility of additional security incidents, increased insurance costs, diversion of management and employee time, or the potential for litigation.

Sun Pharma's recent cyberattack is the latest in a series of IT security breaches faced by pharmaceutical companies. Last year, Novartis was reportedly targeted by the hacking group, Industrial Spy, which runs a marketplace of stolen data. Fortunately, Novartis managed to avoid any sensitive data being compromised.

AstraZeneca faced a similar security incident in November 2022 when some of its records were left exposed online due to a user error. Credentials for an internal server were mistakenly left on a code-sharing site, leading to the exposure of sensitive patient data for over a year.

These incidents serve as a stark reminder that no company or industry is immune to cyber threats. With the healthcare industry being the most targeted sector in India, pharmaceutical companies must remain vigilant and proactive in their efforts to protect their IT assets and data.

Sun Pharma ended Monday 1.15% up at Rs983.95 on the BSE, while the 30-share Sensex closed marginally higher at 57,653.86 points.

Comments

User

Kamal Garg

2 years ago

Not able to understand how a cyberattack would result in "reduced revenue" ?

vram2311

Replied to Kamal Garg comment 2 years ago

All business operations are down since 3 weeks . No revenues can be booked into the applications they are using . This is the state of a listed company .

Kamal Garg

Replied to vram2311 comment 2 years ago

Business not done or business done but not booked in the IT system of the Company.