Cyber security breaches could pose a serious risk to business affecting financial prospects of the company, stated IT major Wipro. In its filing to the US Securities and Exchange Commission, the company has said there is a rising incident of cases on cyber security attacks, which also means that the risk quotient also goes up. Such attacks could also lead to financial obligations for its customers it added.
The firm’s statement comes in the wake of recent global cyber security attacks which struck several large companies, including Indian IT companies. The ransomware ‘WanaCry’ which
affected millions of systems worldwide raised grave concerns about cybersecurity. Hackers demanded bitcoin payments from companies to retrieve their data.
Wipro too, received attack threats during the incident. In response to a query sent by Express earlier this month on a cyber threat, second in the row, faced by the company, Wipro had then confirmed the same. “Wipro confirms that it has received a second threatening email from an unidentified source. Wipro has reinforced security measures at all its office locations...” the company had stated. The issue is under investigation by cyber sleuths in Bengaluru.
The company was not alone in receiving such threats. Several IT companies faced a similar situation and put in much effort to plug loopholes.
Wipro has taken cognisance of the risk saying that attempts for unauthorised access, malwares, fraud, misuse/loss/tampering of personal and business data, deliberate or accidental act of its employees or other stakeholders are rising.
“While various security controls mechanisms are deployed at different technology layers and re-enforced periodically, it may be difficult always to be successful considering the complexity of the environments,” it said. Earlier, in its annual report, Wipro noted, “...any potential cyber event impacting confidentiality, integrity ... could lead to financial, disclosure of data, privacy, security, reputational, customer loss, legal, regulatory and contractual obligations to Wipro and may have direct impact (on) our customers and partners.”
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