Ransomware Attack To Hurt Revenue At Sun Pharmaceutical

Sun Pharmaceutical Industries Ltd. expects revenue to fall as measures taken by India’s top drugmaker to contain an information technology security breach in early March impacted operations.

A ransomware group has claimed responsibility for the incident, which included a breach of some file systems and theft of certain company and personal data, Sun Pharma said in a statement to stock exchanges late Sunday. It first reported the incident on March 2.

While the drugmaker is unable to determine other impacts of the breach, including cost to maintain insurance coverage and possibility of litigation, it said there would be expenses linked to the incident.

Ransomware remained the biggest concern and attacks were likely increasing due to the proliferation of the ransomware-as-a-service model, according to the Financial Services Information Sharing and Analysis Center, which shares cyber intelligence among financial institutions around the world.

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