Raymond Limited, a leading textile and apparel firm, acknowledged a cyberattack on its IT infrastructure on February 19. The company quickly segregated affected systems to protect essential business operations and avoid disruptions to customer-facing platforms or shop networks.
Rakesh Darji, Raymond's Company Secretary and Compliance Officer, stated in a regulatory filing that its retail and physical store operations will continue unchanged. While the filing provided no details on the attackers or confirmed any ransomware involvement, the company noted that "necessary precautions and protocols" were implemented to mitigate the impact.
Raymond reassured stakeholders that its critical manufacturing and retail systems are safe despite the security intrusion, and that there haven't been any notable service interruptions. To determine the attack's entry points, length, and any threats of data exposure, the company's cybersecurity specialists and internal IT teams are performing forensic investigation. An inquiry is also in progress after notification was sent to India's cybersecurity organisation, CERT-In.
The incident highlights the growing significance of strong cybersecurity measures for multinational organisations, especially those with complicated supply networks. It serves as a warning to firms to always improve their cyber defences against evolving threats.
Raymond's disclosure is aligned with India's new cybersecurity standards, which demand the timely notification of major IT issues to regulatory bodies and investors. Shortly after discovering the breach, the company followed compliance measures and notified stock markets under the scrip codes BSE:500330 and NSE:RAYMOND.
While the full scope of the assault is unknown, Raymond's proactive response and transparency demonstrate its commitment to ensuring company continuity and consumer trust.
