Pharmaceutical Company Granules India Faces Significant Revenue Loss Following Cyber Attack
Prominent pharmaceutical company Granules India has issued a warning regarding a substantial loss of revenue and profitability resulting from a cyber security attack it encountered late last month.
The attack severely impacted the company’s operations, necessitating significant changes to their IT systems and considerable time for meeting regulatory expectations, qualifications, recertifications, and fine-tuning of quality and production systems, as stated in an exchange filing.
In an update to the National Stock Exchange, Granules India acknowledged that a ransomware group had claimed responsibility for the incident. However, the company assured stakeholders that it had taken additional measures to safeguard the integrity of its systems infrastructure and data.
According to the company, expert guidance from global cybersecurity specialists is being sought to manage the ongoing incident and mitigate the likelihood of similar occurrences. Granules India is determined to enhance its cybersecurity measures and protect its operations from potential threats.
Additionally, the company shared insights into assessing potential expenses incurred while updating IT software and implementing safety measures, in addition to the loss of revenue. Despite the challenges posed by the attack, Granules India reported that production had been restored to near-normal levels.
However, the company also highlighted backlogs and delays in material clearance for quality system approvals, impacting the timely dispatch of products for sale.
Granules India had previously reported an “information security incident” in late May and stated that the affected IT assets had been isolated. The recent warning about the financial repercussions emphasizes the seriousness of the attack and its enduring impact on the company’s performance.
