Following HCL Cyberattack, Company Stocks Plummet | #ransomware | #cybercrime

HCL Technologies, a prominent IT giant, disclosed a ransomware attack impacting a specific project within its isolated cloud environment.

As investigations unfold to uncover the origins of the HCL Cyberattack, the company pledges to initiate necessary corrective measures, as indicated in a regulatory filing.

HCL Cyberattack: What We Know So Far

In a statement acknowledging the HCL Cyberattack, the company said, “This is to inform you that HCLTech has become aware of a ransomware incident in an isolated cloud environment for one of its projects. There has been no impact observed due to this incident on the overall HCLTech network.”

HCL Technologies reaffirmed that protecting confidential data is of utmost importance.

Following the HCL Cyberattack, the company quickly launched a thorough investigation, working closely with pertinent parties to identify the underlying cause and carry out the necessary corrective actions.

HCL cyberattack
Statement released post the HCL Cyberattack

“Cybersecurity and data protection is a top priority for HCLTech. A detailed investigation is underway in consultation with relevant stakeholders to assess the root cause and take remedial action as necessary,” the HCL Tech statement stated.

The HCL Cyberattack happened just a few days after HCL Tech became the 13th largest listed business in India after crossing the Rs 4 trillion market capitalization threshold on the stock exchanges. Tata Consultancy Services has the biggest m-cap among major IT companies, with Infosys following closely behind.

HCL reported a year-on-year revenue growth of 8% in Q2FY24 while maintaining solid margins. Because of the significant acquisitions made during the quarter, higher profitability is also anticipated to be reported.

HCL Tech closed 16 large deals in the second quarter, totaling $3.969 billion in contract values. Six of these were in the software space and seven were in the services sector, reported Business Standard.

Afterwards, on December 14, HCL Tech declared that it had won a contract from Victoria, Australia’s Department of Transport and Planning. For those who utilize public transportation, it will automate the concession entitlement procedure.

At 10:15 a.m. on Wednesday, HCL Tech’s shares were up 0.36 percent at Rs 1,493.5 a share on the BSE. However, the HCL cyberattack resulted in a massive plunge in the company’s stocks.

HCL cyberattack

Media Disclaimer: This report is based on internal and external research obtained through various means. The information provided is for reference purposes only, and users bear full responsibility for their reliance on it. The Cyber Express assumes no liability for the accuracy or consequences of using this information.

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