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Policybazaar reports IT systems breach, says no significant customer data was exposed

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Policybazaar

Online insurance broker Policybazaar said that the IT systems of the company were hacked on July 19, after which it fixed the identified vulnerabilities and began a thorough audit of its IT systems.

The company identified certain vulnerabilities last week in a part of Policybazaar Insurance Broker’s IT systems leading to illegal and unauthorized access to the network.

Policybazaar has reached out to the appropriate authorities

“In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law. The identified vulnerabilities have been fixed, and a thorough audit of the systems has been initiated,” PB Fintech, the parent company of Policybazaar, says in a regulatory filing.

The company said that the matter is currently being reviewed by its information security team along with external advisors. “We wish to bring to your notice that on 19 July 2022, certain vulnerabilities were identified in a part of Policybazaar Insurance Brokers Private Limited (“Policybazaar’’) IT systems and the same were subject to illegal and unauthorized access,” it said in an exchange filing.
In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law. While we are in the process of undertaking a detailed review, as of date, our review has found that no significant customer data was exposed, the company added.

Policybazaar just became the latest firm to have reported a breach

“Policybazaar has always prioritized the security and integrity of its systems and is committed towards protection of customer data,” the notification further read.
With the announcement, Policybazaar just became the latest firm to have reported a breach in its customer data after Cleartrip, Zerodha, etc. Fraudsters were recently arrested in Mumbai for allegedly using customer data to hack the Demat accounts of Zerodha customers.
Policybazaar said it has reached out to the appropriate authorities and is taking due recourse as per law.

“We will issue further updates on this in accordance with applicable laws,” it added.

Founded in June 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, Policybazaar is the flagship subsidiary of PB Fintech Ltd which also owns the credit product aggregator Paisabazaar.

Policybazaar is into insurance brokerage and stores lots of data about its policyholders.

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