Alkem Labs reports 'fraudulent transfer' of Rs 52 Cr

Alkem Labs reports 'fraudulent transfer' of Rs 52 Cr

The company disclosed that several employees of a subsidiary had their business email addresses stolen

  • By IPP Bureau | January 17, 2024

Pharmaceutical giant Alkem Laboratories confirmed Friday that a cybersecurity incident led to a fraudulent transfer of Rs 52 crore from one of its subsidiaries. While the company maintained the impact was minimal and confined to a specific incident, the disclosure raises concerns about vulnerabilities in India’s pharmaceutical sector to cyberattacks.

The business claimed to have taken all required action in this regard.  In accordance with Alkem Labs' filing, the sum in question 'did not cross the quantitative thresholds of materialty as per the Company's Policy on Determination of Materiality of Events or Information'

'Whilst, the report concluded that the impact of the incident did not extend beyond the above-mentioned amounts, the Board of Directors at its meeting held today i.e. 12th January, 2024, decided that in the interest of transparency and as a matter of good governance, this cyber security incident should be reported to the stock exchanges,' according to the filing.

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