Infosys Settles Lawsuit Over Cyber Incident, Agrees to Pay $17.5 Million
Infosys, a leading multinational technology company, has announced a preliminary agreement to settle six class-action lawsuits with plaintiffs who were affected by a cyber incident at its subsidiary, Infosys McCamish Systems (IMS). The agreement, valued at $17.5 million, will resolve all outstanding allegations without admitting any liability.
The cyber incident, which occurred in November 2023, caused disruptions to certain applications and systems at the company, resulting in reports of unavailability. The company has been working closely with a prominent cybersecurity products provider to resolve the issue as quickly as possible and has also launched an independent investigation to assess the potential impact on its systems and data. “Data protection and cybersecurity are of utmost importance to us,” the company emphasized in a regulatory filing.
The settlement is a significant step towards resolving the matter, and the company has expressed its commitment to prioritizing cybersecurity and data protection. The agreement is subject to approval, and once finalized, it will bring closure to the lawsuits and allow the company to focus on its future goals. The company’s board has approved the settlement, which is designed to resolve all outstanding claims made in the class-action lawsuits.
The cyber incident, which was reported in November 2023, led to claims from plaintiffs who were impacted by the disruptions to the company’s systems. The plaintiffs alleged that the company failed to adequately protect their personal and confidential information, resulting in potential harm and damage. The company has maintained that it is committed to protecting its clients’ data and has taken steps to prevent similar incidents in the future.
The settlement is a positive step forward for both the company and the plaintiffs, allowing them to move forward with greater certainty and clarity. As the company continues to prioritize cybersecurity and data protection, this agreement demonstrates its commitment to addressing concerns and resolving outstanding issues in a timely and responsible manner.
Original Source: https://www.india.com/business/infosys-going-to-pay-usd-17-5-million-to-settle-this-lawsuit-over-7681868/
Category : Business,Infosys
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Publish Date: 2025-03-15 07:42:00
