HDFC AMC flags cyber-security incident; shares decline 3%

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% to hit an intraday low of Rs 2,602.65 in early trade on the BSE.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)