Sun Pharma may see a dip in revenue due to ransomware attack

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Sun Pharma may see a dip in revenue due to ransomware attack

Sun Pharma warned that the company might see a dip in revenue in some of its businesses as a result of an IT security incident.

In a filing, The Company said that The Company believes that the incident has an effect on its IT systems, including a breach of certain file systems and the theft of certain company data and personal data. The complete potential of this attack is not known, according to the company.

The company estimates that there is a drop in revenue as part of the efforts to contain the attack.

It said that we proactively isolated our network and initiated the recovery process. The Company's business operations have been impacted as a result of these measures. Revenues are expected to be reduced in some of our businesses. The Company would incur costs in connection with the incident and the remediation. Sun Pharma is still processing the damage it may have done to the company's employees' data after the attack occurred on March 2.

Sun Pharma did not respond immediately to Business Today's questions.

Sun Pharma is known for its consumer healthcare products such as Revital vitamins and the pain relief medicine Volini. The company posted a nearly 14% jump in revenue from operations to 112.41 billion rupees, or $1.37 billion last quarter. The company acquired a 26.09% stake in Agatsa Software Pvt in the last quarter. Ltd. and a 27.39% stake in Remidio Innovative Solutions Pvt. Both of them were digital health startups last month.

The move is part of Sun Pharma's strategy to expand its digital health capabilities and bring innovative solutions to the healthcare industry.

This comes after a report ranked India as the second most abused country for ransomware in the APAC-Japan region in 2022, moving up a spot from number 3 in 2021.

India is the second most targeted country by ransomware in the APAC and Japan region.