Infosys Ltd agreed to settle class-action litigation over the 2023 cyber breach of its US subsidiary, Infosys McCamish Systems (IMS). The settlement is worth $17.5 million, resolving allegations by people whose private information was stolen during the LockBit ransomware attack.
Important news:
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The incident affected around 6.5 million people, revealing sensitive information like Social Security numbers and financial information.
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IMS has finished remediation, including restoring systems and informing affected customers.
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Infosys has said that its cyber insurance might not cover all expenses associated with the incident.
The resolution indicates Infosys' intentions to settle legal conflicts while strengthening cybersecurity protocols. Even after resolution, the organization can incur more expenses and have image-related issues as it tries to gain back confidence of customers and stakeholders.
Sources: Infosys regulatory filings, Economic Times, March 14, 2025