HCL Technologies Faces Ransomware Attack: Investigation Underway

In a recent development, HCL Technologies, a prominent IT major, disclosed that one of its projects fell victim to a ransomware attack within an isolated cloud environment. The company promptly initiated an investigation to discern the root cause of the incident and pledged to take necessary remedial actions.

In an official regulatory filing, HCLTech assured stakeholders that the ransomware incident had not impacted the overall HCLTech network. Emphasizing the significance of cybersecurity and data protection, the company underscored its commitment to addressing the situation with the highest priority.

The incident follows closely on the heels of HCL Tech achieving a significant milestone, crossing a market capitalization of Rs 4 trillion on Indian stock exchanges, securing its position as the 13th largest listed company. Comparatively, Tata Consultancy Services leads in market capitalization among IT companies, with Infosys following suit.

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During the second quarter of the fiscal year 2024, HCL posted a commendable 8% year-on-year revenue growth and maintained robust profit margins. Analysts anticipate improved profitability, attributing it to major deals secured during the quarter. Notably, HCL Tech inked 16 significant deals, with a combined contract value of $3.969 billion. Among these, 7 deals were in the services space, and 6 pertained to the software sector.

Adding to its recent achievements, on December 14, HCL Tech announced a noteworthy contract with the Department of Transport and Planning in Australia’s Victoria. The company is set to automate the concession entitlement process for public transport users, showcasing its prowess in delivering innovative solutions.

As of the latest update, on Wednesday at 10:15 am, HCL Tech shares were trading slightly in the green, reflecting resilience amid the cybersecurity challenge. The company remains focused on safeguarding its systems and ensuring business continuity.

Stay tuned for further updates as the investigation unfolds, and HCL Technologies addresses the aftermath of the ransomware attack with strategic remedial measures.

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