Sun Pharma business suffers after a ransomware attack
The company’s containment efforts, put in place after a ransomware attack earlier this month significantly impacted the business operations of Sun Pharmaceutical Industries, India’s largest pharmaceutical company are expected to impact its sales.
Sun Pharmaceutical Industries Limited is an Indian multinational pharmaceutical firm located in Mumbai, that manufactures and sells pharmaceutical formulations and active pharmaceutical ingredients in more than 100 countries across the globe.
The incident was first reported by Sun Pharma on March 2. Initially, the company had claimed that the event had no impact on Sun’s essential operations and systems.
According to a stock exchange filing by Sun Pharma, a ransomware gang has taken responsibility for the “IT security event” that resulted in the theft of both personal and commercial data as well as the compromise of some file systems.
“We immediately isolated our network and started the recovery process in order to contain the attack. The Company’s business activities have been impacted by these actions. The effects could cause the company’s revenue to drop. The mishap and the required remediation would cost the Business money.”
The company has stated that it is presently unable to identify the damage and other potential negative effects of the occurrence.
Shares of Sun Pharma had a negative opening price in Mumbai market. At 9.40 am on the BSE, it was selling at 980.30 rupees, up 0.8% after recovering losses. BSE Sensex increased by 0.4%.
This comes amid increasing threats of attacks on the Indian healthcare sector, which is the most frequently targeted and is followed by the government, the military, and the fields of education, research, and healthcare.
According to a Check Point Research report published in January, attacks on healthcare organizations in India were the highest of any industry, with an average of 1,866 attacks per week in 2022. In 2022, the number of breaches worldwide grew by 38% year over year.
Author: Sayyam Gangwal