December 8, 2022

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Policybazaar confirms IT methods hack, says no “important buyer information” was uncovered

Cyberattacks and information breaches have turn out to be more and more widespread over time, as corporations like Flipkart’s Cleartrip, Ronin Community, Bizongo, and others have came upon.

One of many more moderen 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 every 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 “important” buyer information. No gildings got, so it’s unknown the info that the hacker(s) has/have efficiently made off with.

In the meanwhile, it has reached out and engaged with the suitable authorities, in addition to fastened the vulnerabilities and initiated a “thorough audit” of the methods. Moreover, the corporate’s info safety workforce is working with exterior advisors to overview the matter.

“Policybazaar has at all times prioritized the safety and integrity of its methods and is dedicated in 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 growth 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 word with a sturdy IPO. At the moment, it entered the general public markets with ₹1,150 per share, a premium of twenty-two% from value bond of ₹940-980 per share. The identical enabled it to achieve 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 value to presently commerce at ₹522.