HDFC AMC flags cyber-security incident; shares decline 3 pc
New Delhi, May 18
HDFC Asset Management Company on Monday said it experienced a cybersecurity incident after receiving a communication from an anonymous source claiming access to certain portions of its IT infrastructure, according to an exchange filing.
The HDFC Bank-backed firm said the incident occurred on May 16, following which it immediately activated necessary containment and incident response protocols to mitigate potential risks.
HDFC AMC said it has engaged a specialist cybersecurity firm to conduct a detailed assessment of the possible impact of the incident.
"While the detailed assessment is ongoing, based on the initial assessment, the incident is unlikely to affect the continuity of our business and operations and there doesn't appear to be any material impact on the company's operations," the asset manager said in the filing.
However, the company did not disclose the nature of the alleged access, the systems potentially affected, or whether any customer or financial data may have been compromised.
The incident comes amid growing concerns over cybersecurity risks facing financial institutions and market infrastructure entities.
Earlier, Union Finance Minister Nirmala Sitharaman had urged the Securities and Exchange Board of India (SEBI) to remain exceptionally vigilant against rapidly evolving AI-driven cyber threats.
Speaking at SEBI's 38th Foundation Day event, Sitharaman warned that even a single successful cyber attack on a major exchange, depository, clearing corporation or brokerage could disrupt markets on a national scale and erode investor confidence.
She had also cautioned that artificial intelligence tools were making cyberattacks "faster, more adaptive, scalable, and in some cases, more autonomous in execution".
Following the incident, shares of HDFC Asset Management Company traded sharply lower on Monday, falling 3.71 per cent to hit an intraday low of Rs 2,602.65 in early trade on the BSE.
— IANS
Reader Comments
Good that HDFC AMC acted quickly, but not disclosing what was accessed is a red flag. Finance Minister's warning about AI threats is spot on. Indian financial firms need to invest more in cybersecurity, not just after incidents but proactively. Stocks dipping is natural.
As someone who works in cybersecurity, this is concerning. Anonymous claims of access to IT infrastructure are serious, even if initial assessment says no material impact. HDFC should share more details to rebuild trust. Markets react emotionally, so 3% drop is expected.
HDFC is a trusted name in mutual funds, but these cybersecurity incidents make you think twice. The FM's warning about AI-driven threats is timely. Indian regulators need to be more stringent. Hope no investor data was compromised. 🙏
It's good that HDFC AMC engaged a specialist firm and says operations are unaffected. But the share price drop shows how sensitive the market is to cyber threats. We need a national-level cybersecurity framework for all asset managers, not just banks. Better safe than sorry.
This incident highlights why cybersecurity insurance and regular audits are critical for financial firms. HDFC's response seems adequate but vague. I hope they release a detailed report after the assessment. The 3% dip is minor compared to potential long-term reputational damage.
V