Why ransomware attacks on Indian IT firms are a cause for concern? Premium

HCL Tech, an Indian IT services provider, was hit by a ransomware attack in a restricted cloud environment. Despite no "observable" impact, share prices dropped.

On 20 December, IT services provider HCL Technologies, in its quarterly report, shared that it was hit by a ransomware incident within a restricted cloud environment. Following the attack, the company stated there was no “observable” impact on the overall HCL Tech network. However, news of the attack affected the company’s perception of the stock market, leading to a decline in its share prices.

HCL Tech is an Indian information technology company providing solutions in the digital realm, including end-to-end digital offerings, cloud-based solutions, and software.

The company is one of the top software solution providers in India.

On 20th December, the company, in its quarterly earnings report, sharedthat it was hit by a ransomware incident in an isolated cloud environment.

The company, however, did not disclose specific details of the attack.

HCL Tech further stated that cybersecurity and data protection are top priorities.

A detailed investigation, in consultation with relevant stakeholders, was launched to assess the root cause.