Nippon Life Fully Restores Website And Mobile App After April 9 Cyberattack
Nippon Life India Asset Management Ltd. reported on Monday via an exchange filing that its website and mobile application were completely up and running.
The mutual fund's information technology infrastructure suffered a cyber attack on April 9 that led to the partial closure of their online platform. The company reported that it had fully restored the core operating systems for management of funds within the next workday.
It then undertook work to repair the mobile app and website platforms.
According to reports, Nippon Life had shut down its website to shield sensitive data from the attack.
"Pursuant to the incident, the company had shutdown and isolated all its systems. Thereafter, it began restoration activity with the assistance of cyber security experts," the firm said in its exchange filing.
Customers were requested to undertake their transactions through alternate channels that had remained unaffected after the attack while the repairs were ongoing.
Nippon Life India reported that there was no significant impact on company operations due to the cyberattack.
Shares of Nippon Life India Asset Management Ltd. closed 6.07% higher,
at Rs 633.65 per share, compared to a 633.65% uptick in the benchmark Nifty. The share price has risen 9.68% in the last 12 months and 12.84% year-to-date. Nineteen out of the 23 analysts tracking the company have a 'buy' rating on the stock and three suggest a 'hold', while one recommends a 'sell' rating on the stock according to Bloomberg. The stock's return potential was at 12.4%.
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