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Sun Pharma warns of a dip in revenue after a ransomware attack

Sun Pharma warns of a dip in revenue after a ransomware attack

Sun Pharma 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

Rachna Manojkumar Dhanrajani
Rachna Manojkumar Dhanrajani
  • Mumbai,
  • Updated Mar 27, 2023 12:32 PM IST
Sun Pharma warns of a dip in revenue after a ransomware attackSun Pharma

Sun Pharma on Sunday late evening flagged off a warning stating that the company may see a dip in revenue in some of its businesses as it had to incur some unforeseen expenses due to an IT security incident.

In a filing, the company said, "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." However, the complete potential of this attack remains unknown, the company added.

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As a part of the efforts taken to contain the attack, the company has estimated a drop in revenue.

It said, "We proactively isolated our 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."

The attack occurred on March 2 and Sun Pharma is still processing the damage it may have done to the company and employees' data.

Sun Pharma did not immediately respond to Business Today's queries.

Sun Pharma is known for its consumer healthcare products such as Revital vitamins and pain relief medicine Volini. In the last quarter, the company posted a near 14% jump in total revenue from operations to 112.41 billion rupees ($1.37 billion).

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Meanwhile, the company acquired a 26.09% stake in Agatsa Software Pvt. Ltd. and a 27.39% stake in Remidio Innovative Solutions Pvt. Ltd., both of which are digital health startups, last month.

The move is a part of Sun Pharma's strategy to expand its digital health capabilities and bring innovative solutions to the healthcare industry.

Read: Sun Pharma acquires minority stakes in two healthcare companies for Rs 180 crore

This also comes after a report ranked India second most attacked country for ransomware in APAC-Japan region in 2022, moving up a spot from number 3 in 2021.

Read: India second most targeted country by ransomware in APAC and Japan region

 

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Published on: Mar 27, 2023 12:32 PM IST
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