Indian IT services giant HCL Technologies hit by ransomware

HCL Technologies (HCLTech), one of the largest Indian technology consulting and services companies, suffered a ransomware incident.

HCLTech announced to investors via the National Stock Exchange of India that it “has become aware of a ransomware incident in an isolated cloud environment for one of its projects.”

A detailed investigation is underway, the company also consults relevant stakeholders to assess the root cause and take remedial action as necessary.

“There has been no impact observed due to this incident on the overall HCLTech network,” the company’s filing reads and ensures cybersecurity and data protection are top priorities for HCLTech.

HCLTech is the fourth-largest Indian technology company by market capitalization. It has 10 thousand clients using HCLTech’s software and products around the world, a global team comprising 221,000 employees in 60 countries, and the company has more than 210 delivery centers.

The share price of HCL Technologies is up by 37% in 2023. After the news, the share price fell and is around 5,4% lower than the peak reached this week.

India was the third most targeted country by cyberattacks between May 2006 and June 2020, according to the Centre for Strategic and International Studies (CSIS).

Recently, another Indian IT service provider, Infosys, said its US subsidiary was impacted by a “cybersecurity event” that disrupted its operations. In October 2022, Tata Power, India’s largest integrated power company, acknowledged suffering an IT incident in mid-October, after being posted on a Hive ransomware group’s leak site.