Ransomware disrupts HCL Tech project, investigation launched

IT major HCL Technologies on Wednesday said that one of its projects was hit by a ransomware attack in an isolated cloud environment and a probe was underway to understand the cause. In a regulatory filing, the company said that it would take remedial action as necessary.

“This is to inform you that HCLTech has become aware of a ransomware incident in an isolated cloud environment for one of its projects.
There has been no impact observed due to this incident on the overall HCLTech network,” the company said.

“Cybersecurity and data protection is a top priority for HCLTech. A detailed investigation is underway in consultation with relevant stakeholders to assess the root cause and take remedial action as necessary.”

This comes days after HCL Tech crossed the market capitalisation of Rs 4 trillion on the Indian stock exchanges, becoming the 13th largest listed company. Among other IT companies, Tata Consultancy Services has the largest m-cap, followed by Infosys.

In Q2FY24, HCL had posted a modest 8 per cent year-on-year revenue growth and maintained strong margins. It is also expected to report improved profitability owing to major deals during the quarter. During the second quarter, HCL Tech secured 16 significant deals, with contract values totalling $3.969 billion. Of these, 7 were in the services space and 6 in the software space.

Later, on December 14, HCL Tech announced that it had secured a contract from the Department of Transport and Planning in Australia’s Victoria. It will automate the concession entitlement process for the users of public transport.

On Wednesday, at 10:15 am, the shares of HCL Tech were trading 0.36 per cent in the green at Rs 1,493.5 apiece on BSE. Business Standard