Policybazaar's IT systems hacked, audit initiated

Policybazaar has revealed that they have identified certain vulnerabilities in its IT systems and the same were subject to illegal and unauthorised access. Such unauthorized access was reported on July 19, 2022, it said in a regulatory filing to the exchanges on Sunday evening. In this regard, Policybazaar has reached out to the "appropriate authorities" and is taking due recourse as per law. The company claims that 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," a statement from Policybazaar reads. "We will issue further updates on this in accordance with applicable laws," it added.

For the record, PB Fintech-owned online insurance service provider Policybazaar had listed at a premium of 17.35 per cent on the BSE on November 15, 2021. It reached a high of Rs 1,470. However, like several other new-age listed companies, this also has faced a decline in share price and is currently trading at Rs 522.Policybazaar was founded in 2008 with the objective to bring transparency to insurance. The founders wanted to reimagine the insurance sector by simplifying all the information around plans, ending rampant mis-selling, and preventing policy lapses.

(with inputs from ANI)