IT system compromised, says Policybazar; authorities informed
PremiumPolicybazaar has reached out to the appropriate authorities and is taking due recourse as per law, the company said in a regulatory filing.
The parent company of Policybazaar Insurance Brokers Private Ltd, PB Fintech, on Sunday said that the IT system of the firm was hacked on July 19 and subsequent corrective action was taken.
In a regulatory filing, Policybazaar said,"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. 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 matter is currently being reviewed by the 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 prioritized the security and integrity of its systems and is committed towards protection of customer data. We will issue further updates on this in accordance with applicable laws," the statement from the company further stated
Policybazaar.com is one of India's largest insurance marketplaces. It is the flagship platform of PB Fintech, which owns the fintech brand, Paisabazaar.com, and the lending & insurance marketplace in the UAE region, Policybazaar.ae. The Policybazaar.com Group has backing from a host of investors including the likes of PE funds and other family offices. Policybazaar.com started with the purpose to educate people on insurance products and with its offerings has addressed the large and highly underpenetrated online insurance markets.
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