Policybazaar IT system hacked, says no significant customer data exposed

Highlights:

• Cyberattacks and data breaches have become increasingly common over the years.
• Policybazaar confirms IT systems hack.
• Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law.

PB Fintech, the parent company of Policybazaar Insurance Brokers Private Ltd, on Sunday said that the IT system of the firm was hacked on July 19, and subsequent corrective action was taken. The company identified certain vulnerabilities on July 19 in a part of Policybazaar Insurance Broker’s IT systems leading to illegal and unauthorized access to the network.

“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,” the insurance brokerage firm said in a regulatory filing. The information security team is currently reviewing the matter along with external advisors. The identified vulnerabilities have fix and a thorough audit of the systems has been initiated.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 was listed on the BSE on November 15, 2021, at a premium of 17.35 per cent.The IPO comprise a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders, according to its draft red herring prospectus. Following its market debut, it had reached a high of Rs 1,470, but is currently trading at Rs 522. Apart from Policybazaar, PB Fintech also owns Paisabazaar, and the lending and insurance marketplace in the UAE region, Policybazaar.ae.

“Policybazaar has always prioritize the security and integrity of its systems and is commit towards protection of customer data. We will issue further updates on this in accordance with applicable laws,” the statement from the company further stated. In FY22, PB Fintech, the parent company of Policybazaar, reported a 454% increase in its net loss to INR 832.91 Cr. While its total income rose 62% in FY22, Policybazaar’s expenses also shot up 116% during the same time. PB Fintech’s shares opened at INR 502. 85 apiece on Monday, 3.32% lower than the last close.

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Megha Gupta

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