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Infosys McCamish Systems reports a $38 million losse following cybersecurity breach
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
In coordination with the eDiscovery vendor, McCamish said that it has identified approximately 6.5 million individuals whose information was subject to unauthorised access and exfiltration during the November 2023 incident.
Infosys McCamish Systems — a software and services company to the life insurance industry — grappling with the fallout from a cybersecurity breach in November 2023, disclosed on Thursday that it incurred losses amounting to $38 million (approximately ₹316 crore) for the fiscal ending March 31.
These losses encompass various expenses, including those incurred for remediation efforts, communication initiatives, legal services, and investigative processes.
By December 31, 2023, McCamish, with the assistance of external specialists, had made progress in remediation and restoration activities.
“Actions taken by McCamish also included investigative analysis conducted by a third-party cybersecurity firm to determine, among other things, whether and the extent to which data was subject to unauthorised access or exfiltration and engaging a third-party eDiscovery vendor in assessing the extent and nature of such data,” the company added in a statement.
In coordination with the eDiscovery vendor, McCamish said that it has identified approximately 6.5 million individuals whose information was subject to unauthorised access and exfiltration during the November 2023 incident.
The compromised data is said to vary for each individual but may include email and mailing addresses, phone numbers, birth dates, social security numbers, usernames, passwords, financial and customer account details, policy numbers, salaries, and personal medical information.
However, McCamish clarified that not all affected individuals had all categories of information accessed and exfiltrated. Additionally, the breach extended to corporate customers whose business data was similarly compromised.
“McCamish will be notifying its impacted customers and intends to work with these customers to support their respective reporting obligations, as appropriate,” it added.
Additionally, McCamish said that its review process is ongoing, with the possibility of incurring further costs, including indemnities or damages/claims, which are currently undetermined.
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