Policybazaar IT system was affected by an undefined security incident: Here’re details

PB Fintech, the parent company of online insurer Policybazaar disclosed on Sunday that it was affected by an undefined security incident, however assured that no substantial client data was revealed. The tech giant further claimed that it presently supports over 9 million clients. 

According to a statement by Policybazaar in a stock exchange filing, its IT systems were exposed to “illegal and unauthorized access” on July 19, which resulted in unlawful and illegitimate access to the network. Moreover, the platform that sells a broad array of insurance coverage additionally stated that it is connecting with the authorities to take recourse.

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Apart from that, the firm further added that in an administrative filing,

“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.”

As per Policybazar, its information security team is presently considering the issue together with external advisors.

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Apart from that, the organization noted in the filing,

“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.”

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The organization also added that the review discover that “no considerable customer data was revealed”, which indicates some amount of data has been revealed. The online insurer additionally stated that,

“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. Policybazaar has always prioritized the security and integrity of its systems and is committed towards protection of customer data.”

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However, we did not any information from Policybazar about the kind of customer data that had been revealed or whether there was a data violation by a hacker as well as any information associated with how many times the exposure was exploited.

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