HCL-Tech’s Cloud Environment Compromised after Ransomware Attack, Investigation Underway- Stocks Plunge-HCL’s Cloud Environment Compromised news
An extensive investigation is being conducted into the ransomware attack that harmed HCLTech in a cloud deployment project. This is to inform you that one of HCLTech’s projects has an isolated cloud environment, and the company has learned of a ransomware attack there. This event has only impacted part of the HCLTech network, the business stated in a stock market filing on Wednesday.-HCL’s Cloud Environment Compromised news
It stated that HCLTech places a high premium on cybersecurity and data protection. “A detailed investigation is underway in consultation with relevant stakeholders to assess the root cause and take remedial action as necessary,” it said. According to a statement released by Infosys in November, a cybersecurity incident affected Infosys McCamish Systems (IMS), a division of Infosys BPM. As a result, several systems and applications inside IMS were unavailable.
This occurred only a few days after HCL Tech emerged as the 13th biggest listed company after crossing the stock market’s Rs 4 trillion market capitalization threshold. Tata Consultancy Services has the biggest m-cap among major IT businesses, with Infosys closely behind.
HCL reported a moderate year-over-year revenue increase of 8% in Q2FY24 while maintaining solid margins. Greater earnings are also expected to be recorded due to the major purchases completed during the period in question. In the second quarter, HCL Tech closed 16 major deals with transaction values of $3.969 billion.
At 10:15 a.m. on Wednesday, HCL Tech’s shares were up 0.36 percent at Rs 1,493.5 on the BSE. On Thursday at 11:50, HCL Tech’s shares stabilized at 1448.8 price. Thus this may be a two-way turn for the stock buyers, as further decrease or increase in price depends on the investigation result and the decision of the Directors of HCLTech.
What is a ransomware?
A malicious program known as “ransomware” is created to prevent users from accessing files or a computer system until a certain amount of money, known as a “ransom,” is paid. On the device being attacked, it encrypts the files, making them unreadable, and usually displays a notice requesting money in exchange for the decryption key required to open the files.
Ransomware is frequently distributed by cybercriminals using phishing emails, malicious files, and hacked websites. After infecting a machine, the ransomware immediately encrypts the data and shows a message with directions on paying off the ransom to get access back.
Recent Similar Incident
Following an incident in which hackers released vast amounts of internal data from the game company, claims of stolen video of Insomniac’s much-awaited Wolverine game appeared on Tuesday. This is just one prominent ransomware example.
According to research made by experts, the Ryhsida ransomware organization reportedly leaked 1.67 gigabytes of data, including over 1.3 million files, allegedly taken during a hack on December 12th.
The stolen file contains sensitive information on character designs, level designs from the next Wolverine game, and private internal presentations revealing specifics on unannounced Insomniac and Sony gaming projects. Screenshots of internal spreadsheets and detailed information about marketing and development expenditures are included in the released material.
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