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Polycab IT infrastructure targeted by ransomware attack, company says core systems and operations not impacted | #ransomware | #cybercrime


Polycab on March 20 informed the stock exchanges that its IT infrastructure was recently targeted by a ransomware attack.

The security incident occured on March 17, 2024. “However, the incident has not impacted the core systems and operations of the company,” it said in a stock exchange filing.

It said at the moment, the company’s systems are up and running, all factories are operating and the firm continues to serve its customers. “The technical team of the company along with a specialised team of external cybersecurity experts are working on actively analysing the incident,” it said.

On another note, the cables and wires manufacturing company witnessed a negative start to 2024, after alleged income tax search operations on its premises. The day reports of the search operation had first surfaced, the company had issued a statement later in the evening denying any alleged tax evasion on their part.

Polycab shares ended 1.27% higher at ₹4,739.9 apiece on Wednesday, March 20. The stock has fallen 13.26% in 2024, so far, but has gained 65.5% in the past year.



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