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Infosys McCamish Systems (IMS), a subsidiary of Infosys BPM, has entered into a stipulation and consent order with the State of Vermont’s Department of Financial Regulation (DFR) due to its failure to provide timely and accurate information during an investigation into a 2023 cybersecurity incident. Additionally, the company was found to have delayed notifying affected data owners.
By entering into the stipulation and consent order, Infosys McCamish Systems has chosen to resolve the matter without a hearing. Notably, the order states that Infosys McCamish Systems does not admit to the existence of the alleged violations.
According to a recent stock exchange filing, “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.”
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.
In 2023, McCamish Systems experienced a cybersecurity incident that resulted in the non-availability of certain applications and systems. 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.
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