Online insurance company Policybazaar’s IT systems hacked

Policybazaar, the online insurance company, has filed a cyberattack report. Policybazaar, which serves over nine million customers, has denied any breach in its customer data.

In its regulatory filing, the online insurer mentioned that hackers gained “illegal and unauthorized access” to its IT systems on July 19. The company has contacted the “appropriate authorities” for further action.

“In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law,” Policybazaar stated in a regulatory filing.

The firm said it had initiated a “thorough” audit, and the identified vulnerabilities have been taken care of.

“The identified vulnerabilities have been fixed, and a thorough audit of the systems has been initiated. The information security team is currently reviewing the matter along with external advisors,” the company noted.

More importantly, the company confirmed that the initial review has found that “no significant customer data was exposed.”

“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 to protecting customer data,” the filing noted.

Recently, the Indian government revealed the country observed 3.6 million cybersecurity incidents from 2019 to June 2022.

According to data by cybersecurity company Akamai, India is the 5th most cyber-attacked country in the world, behind the USA, Germany, Australia, and the United Kingdom.

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