Policybazaar notifies IT systems breach

BL New Delhi Bureau | | Updated on: Jul 25, 2022
File picture: Yashish Dahiya, Co-Founder, PolicyBazaar

File picture: Yashish Dahiya, Co-Founder, PolicyBazaar

Identified vulnerabilities fixed, no significant customer data exposed, says the company

PB Fintech, parent company of Policybazaar, has said a part of Policybazaar’s IT systems were breached on July 19. The company added that the identified vulnerabilities have been fixed and a thorough audit of systems has been initiated.

“We wish to bring to your notice that on July 19, 2022, certain vulnerabilities were identified in a part of Policybazaar Insurance Brokers Pvt Ltd (“Policybazaar’‘) IT systems and the same were subject to illegal and unauthorised access. In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law,” PB Fintech said in an intimation to the stock exchanges. 

PB Fintech also said the matter is currently being reviewed by its information security team, along with external advisors.

“While we are in the process of undertaking a detailed review, as on date, our review has found that no significant customer data was exposed. Policybazaar has always prioritised the security and integrity of its systems and is committed to the protection of customer data,” the stock exchange filing added.

Policybazaar’s intimation on the IT systems breach comes at a time when there have been several customer data breaches and instances of fraud reported by a number of platforms, including payment gateways and broking houses.

Published on July 25, 2022
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