HDFC AMC says no material impact seen after cyber-security incident

New Delhi: HDFC Asset Management Company has disclosed a cyber-security incident after an anonymous source claimed access to certain parts of its IT systems. The company said the incident took place on Saturday, and it has already started containment and response steps.

Now, this is the part where most investors and users lean forward a little. HDFC AMC said its early checks show the incident is unlikely to hit business continuity or daily operations. It also said there does not appear to be any material impact on the company so far. The detailed assessment is still going on.

HDFC AMC said it received communication from an anonymous source who claimed access to some parts of its systems. After that, the company activated its cyber response plan and brought in a specialist firm to check the possible impact.

In plain English, this means the company got a warning, treated it seriously, and started checking whether any system, data or internal access had been touched.

That is the correct first move in any such case. I have seen enough cyber incidents where companies lose time debating whether something is “serious enough.” Here, at least from the disclosure, the response seems quick.

Cyber attacks are now a big worry for Indian financial companies. The issue is not just hacking in the movie-style sense. It can mean stolen access, fraud attempts, fake calls, phishing links, compromised accounts and data leaks.

According to Reuters, high-value cyber fraud cases in India rose more than fourfold in fiscal 2024. Losses touched $20 million, which is roughly Rs 16.7 crore. Cases involving Rs 1 lakh or more jumped to 29,082 from 6,699 a year earlier.

India’s digital payments growth has been massive. People use Paytm, Google Pay and PhonePe for everything from chai to rent. That convenience is great, but fraudsters follow the money. They always do.

The FICCI-EY Risk Survey also found that cyber-attacks and data breaches are now among the top risks for Indian companies. Senior executives see them as threats to both money and reputation.

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Siddharth Shankar brings over a decade of experience in the realm of journalism, film making, and marketing, currently heading the Technology, Science, Gaming, and Automobile sections. Siddharth co-founded BWAutoworld.com for BW Businessworld and was leading Science and Technology domains for TimesNow Digital. For leads Siddharth can be reached on Twitter - @Siddh4rth