HDFC Asset Management Company said it detected a cybersecurity incident over the weekend and has activated its internal response protocols to contain the threat, according to an exchange filing.
The asset manager said the incident was identified on Saturday, following which it immediately initiated measures designed to isolate and mitigate the potential cyber risk. The company has also appointed a specialist cybersecurity firm to conduct a detailed assessment and determine the possible impact of the breach.
Despite the incident, HDFC AMC said the cyber threat is not expected to affect the continuity of its operations, indicating that investor services, fund management activities and other critical functions remain operational.
HDFC AMC did not provide details on the nature of the incident, the systems affected, or whether any customer data was compromised. The company also did not specify the timeline for completing the forensic review being carried out by the external cybersecurity experts.
ALSO READ: 'Be Extremely Vigilant': FM Sitharaman Cautions SEBI Against AI-Led Cyber Attacks
Just last month, Union Finance Minister Nirmala Sitharaman urged the Securities and Exchange Board of India to stay exceptionally vigilant against rapidly evolving AI-driven cyber threats, warning that even a single successful attack could have far-reaching consequences for India's financial markets.
Speaking at SEBI's 38th Foundation Day, Sitharaman said cyber security remains the most pressing emerging challenge for market infrastructure institutions. “A single successful cyber attack on a major exchange, a depository, a clearing corporation or a large broker could disrupt markets on a national scale, erase wealth, and shake public confidence in ways that take years to rebuild,” she said.
She flagged how artificial intelligence is amplifying the scale and sophistication of cyber risks. “AI-led tools are making cyber attacks faster, more adaptive, scalable, and in some cases, more autonomous in execution,” Sitharaman noted, adding that threats now range from automated vulnerability discovery and software supply-chain attacks to coordinated intrusions that evolve in real time to evade detection.
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