Sun Pharma flags revenue hit from IT ‘incident’

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BENGALURU: Due to a “IT security issue” that occurred earlier this month, drugmaker Sun Pharmaceutical Industries Ltd will experience a decline in income in a couple of its companies and incur certain costs.
Sun Pharma stated in a filing late on Sunday that the incident’s impact on the drug giant’s IT infrastructure included a breach of some file systems and the theft of some business and personal data. It also said that a ransomware organisation has taken credit for the event.
Sun Pharma, well-known for its consumer healthcare goods including Volini for pain treatment and Revital vitamins, reported a nearly 14% increase in total operating revenue in the most recent quarter, reaching 112.41 billion rupees ($1.37 billion).

The medicine manufacturer disclosed the information security issue on March 2 and added that it had not affected business operations. On the other hand, the business claimed on Sunday that their containment procedures had impacted its operations.

With the assistance of specialists and “improved” security procedures, Sun Pharma claimed it took action to address the damage.

The business claimed it was unable to identify any additional negative effects of the occurrence, such as increased expenditures and the prospect of litigation.