Policybazaar confirms IT techniques hack, says no “vital buyer information” was uncovered

Cyberattacks and information breaches have change into more and more frequent through the years, as corporations like Flipkart’s Cleartrip, Ronin Community, Bizongo, and others have came upon.

One of many newer corporations to have had a style of the identical is Policybazaar, after the IT system of the main on-line insurer was hacked. The corporate knowledgeable that it had recognized “sure vulnerabilities” within the system, which in flip led to unlawful and unauthorized entry of the identical.

The hack in query came about almost per week in the past (on July 19), and now, Policybazaar assured in a inventory change submitting that the hacker(s) was/had been unable to make off with any “vital” buyer information. No embellishments got, so it’s unknown the information that the hacker(s) has/have efficiently made off with.

In the mean time, it has reached out and engaged with the suitable authorities, in addition to mounted the vulnerabilities and initiated a “thorough audit” of the techniques. Moreover, the corporate’s data safety crew is working with exterior advisors to evaluation the matter.

“Policybazaar has all the time prioritized the safety and integrity of its techniques and is dedicated in the direction of safety of buyer information. We’ll challenge additional updates on this in accordance with relevant legal guidelines,” the corporate famous within the inventory change submitting.

This improvement provides to the 14-year-old Policybazaar’s woes at a time when corporations internationally are struggling to remain afloat amidst the financial downturn, and comes after the PB Fintech-owned on-line insurer had ended 2021 on a grand be aware with a sturdy IPO. At the moment, it entered the general public markets with ₹1,150 per share, a premium of twenty-two% from worth bond of ₹940-980 per share. The identical enabled it to succeed in a market capitalization of ₹55,003.04 crores (almost $7.3 billion).

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Quick-forward to 2022, and Policybazaar discovered its shares following the lead of quite a few different corporations and plummeting over the previous months. Up to now, its shares have fallen to lower than half of the debut worth to at present commerce at ₹522.