Mumbai: Raymond Limited, a prominent textile and apparel conglomerate, recently fell victim to a cyber-attack on its IT infrastructure on February 19. The company took immediate action by isolating the affected systems to prevent any disruptions to its core business operations, ensuring that customer-facing platforms and store networks remained unaffected.
In a regulatory filing, Raymond’s Company Secretary and Compliance Officer, Rakesh Darji, confirmed that the retail and physical store operations of the company were not compromised. While specific details about the threat actors were not disclosed, Raymond stated that necessary precautions and protocols were activated to contain the impact of the cyber-attack.
Despite the security breach, Raymond assured stakeholders that its critical manufacturing and retail systems were secure, with no major service disruptions being reported. The company’s cybersecurity experts, in collaboration with internal IT teams, are currently conducting forensic analysis to determine how the attackers gained access, how long they were present within the systems, and the potential risks of data exposure. Additionally, India’s cybersecurity agency CERT-In has been informed, and an investigation is underway to further understand the incident.
The incident at Raymond serves as a stark reminder of the critical need for robust cybersecurity measures, especially for large corporations with complex supply chains. It underscores the importance of continuously enhancing cyber defenses to combat evolving threats in the digital landscape.
Raymond’s prompt disclosure aligns with India’s updated cybersecurity regulations, which mandate the timely reporting of significant IT incidents to regulatory bodies and investors. By promptly notifying stock exchanges under scrip codes BSE:500330 and NSE:RAYMOND after detecting the breach, the company demonstrated its commitment to compliance protocols.
While the full extent of the cyber-attack is still being investigated, Raymond’s proactive response and transparency reflect its dedication to ensuring business continuity and preserving customer trust. The company’s efforts to address the incident swiftly and efficiently demonstrate a commitment to cybersecurity best practices and maintaining a secure operational environment.
As cybersecurity threats continue to evolve and grow in sophistication, organizations must remain vigilant and prioritize cybersecurity measures to protect their digital assets and data. Raymond’s experience serves as a cautionary tale for businesses to invest in cybersecurity defenses and have response protocols in place to mitigate such incidents effectively.
In conclusion, Raymond Limited’s handling of the recent cyber-attack highlights the importance of cybersecurity readiness in today’s digital age. By promptly addressing the incident, engaging in forensic analysis, and maintaining transparency, the company sets a positive example for the industry in safeguarding against cyber threats and ensuring business resilience.