The parent company of online insurer Policybazaar, PB Fintech, revealed on Sunday that it was subjected to an unspecified security incident but assured that no significant customer data was exposed. The company claims that it currently serves over 9 million customers. According to a stock exchange filing, Policybazaar’s IT systems were subject to ‘illegal and unauthorized access’ on July 19, resulting in illegal and unauthorized network access. The platform, which sells a variety of insurance policies, also stated that it is working with authorities to pursue recourse.
‘In this regard, Policybazaar has contacted the appropriate authorities and is taking appropriate legal action. The identified vulnerabilities have been addressed, and an extensive audit of the systems has begun’, the firm stated in a regulatory filing. Policybazar stated that its information security team, in collaboration with external advisors, is currently reviewing the situation. ‘The identified vulnerabilities have been fixed, and an extensive audit of the systems has begun. The matter is currently being reviewed by the information security team, as well as external advisors’, according to the filing.
According to the review, ‘No significant customer data was exposed,’ which implies that some data was revealed. ‘While we are conducting a thorough investigation, we have discovered that no significant customer data has been exposed as of yet. Policybazaar has always prioritized system security and integrity and is committed to customer data protection’, the online insurer made this observation. Policybazar did not disclose what type of customer data was exposed, whether there was a data breach by an attacker, or how many times the vulnerabilities were exploited.
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