Sun Pharma Security Incident To Impact Its Revenues

Sun Pharmaceutical Industries on Sunday said it expects revenues to be reduced in some of its businesses.

Explaining on the security incident, the company said 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.

As part of the containment measures, Sun Pharma has isolated its network and initiated the recovery process. As a result of these measures, company’s business operations have been impacted.

“Consequently, revenues are expected to be reduced in some of our businesses. The Company would incur expenses in connection with the incident and the remediation,” said the company in a regulatory filing on BSE.

Besides employing containment and eradication protocols to mitigate the threat, the company is also introducing 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.

Sun Pharma said that a ransomware group has claimed responsibility for this incident.

The pharma company said that it is currently 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.