Latest news with #InfosysMcCamishSystems
India.com
14-07-2025
- Business
- India.com
Bad news for Narayana Murthy, Infosys to pay fine of Rs 10000000 for not providing…, IT company enters into…
Narayana Murthy (File) India's second-largest IT company, Infosys, has had one of its units fined in the United States. The penalty has been imposed on Infosys McCamish Systems (IMS), a subsidiary of Infosys BPM. The Department of Financial Regulation (DFR) of the State of Vermont imposed the fine on IMS. The company is accused of failing to provide timely and accurate information during the investigation of a cyberattack that occurred in 2023. Additionally, IMS reportedly delayed informing affected individuals whose data was potentially compromised in the breach. Fine On Infosys Unit Infosys on Friday said its step-down subsidiary Infosys McCamish Systems and the US State of Vermont Department of Financial Regulation have entered into a 'stipulation and consent order' to resolve, without a hearing, the matter related to McCamish cyber incident. Within 30 calendar days of the entry of the Stipulation and Consent Order by the Commissioner, IMS is required to pay an administrative penalty of USD 125,000, the Bengaluru-headquartered IT company said in a BSE filing. 'In continuation to our statement dated March 14, 2025, we would like to update that on July 9, 2025, Infosys McCamish Systems (IMS), a subsidiary of Infosys BPM limited (a wholly owned subsidiary of Infosys limited) and the State of Vermont (United States of America) Department of Financial Regulation (DFR) entered into a Stipulation and Consent Order,' it said. In simple terms, stipulation and consent order is a legal pact where parties agree to terms and conditions, to resolve or settle a case without more litigation. Infosys Plan To Settle Lawsuit Infosys filing further informed that DFR had alleged violations of the Vermont Security Breach Notice Act by IMS. This was on the ground that IMS failed to respond to the DFR's request for information in the course of the investigation into the cybersecurity event with timely and accurate information and records and failed to provide timely and accurate notice of the cybersecurity event to data owners. 'IMS has entered into the Stipulation and Consent order to resolve the matter without a hearing. The Stipulation and Consent Order specifically records that IMS does not admit the existence of the alleged violations as above,' it said. In March this year, Infosys had informed the stock exchanges that Infosys McCamish Systems reached an agreement to settle six class action lawsuits in the United States, in relation to 2023 cyber incident. (With Inputs From PTI)
Time of India
14-07-2025
- Business
- Time of India
Infosys unit in US to pay $125,000 penalty in cybersecurity probe
Representative image BENGALURU: Infosys McCamish Systems (IMS), a subsidiary of Infosys BPM, entered a stipulation and consent order with the State of Vermont's Department of Financial Regulation (DFR) for failing to provide timely and accurate information during an investigation into a 2023 cybersecurity incident and delayed notifying affected data owners. Infosys McCamish Systems entered the stipulation and consent order to resolve the matter without a hearing. The order records that Infosys McCamish Systems does not admit the existence of the alleged violations. "Within 30 calendar days of the entry of this stipulation and consent order by the Commissioner, Infosys McCamish Systems is required to pay an administrative penalty of $125,000," a recent stock exchange filing showed. In March, IMS agreed to contribute $17.5 million to a settlement fund to resolve class-action lawsuits related to the same cybersecurity breach. The settlement covers claims against IMS and several of its customers. McCamish Systems was impacted by a cybersecurity incident in 2023 that resulted in the non-availability of certain applications and systems in McCamish. Infosys McCamish is a platform-based BPO firm that provides services to the financial services sector, supporting life insurance and annuity products and retirement plans. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Reuters
14-03-2025
- Business
- Reuters
Infosys settles lawsuits against US unit over cyber incident for $17.5 million
March 14 (Reuters) - Indian IT services provider Infosys ( opens new tab on Friday said it had reached an agreement with the plaintiffs of lawsuits pending against its U.S. unit over the 2023 cyber incident. Infosys McCamish Systems has agreed to pay $17.5 million into a fund to settle all the pending class action lawsuits and resolve all allegations made in the incident. In November 2023, opens new tab, Infosys had disclosed that Infosys McCamish Systems was impacted by a cyber security event, resulting in the non-availability of certain applications and systems. In April last year, Infosys said, opens new tab McCamish, in coordination with its third-party vendor eDiscovery, identified up to 6.5 million individuals whose information was subject to unauthorized access and data exfiltration in the incident.
