Policybazaar Suffers Security Breach, No Significant Data Lost

Indian company Policybazaar has notified that it has suffered a data breach. The company is the proprietor of PB Fintech, which announced in a memo post-Sunday that it had discovered unauthorized and illegal access exploiting vulnerabilities in its internal systems on July 19.

“The identified vulnerabilities have been fixed and a thorough audit of the systems has been initiated,” the company said, adding that its security team is working with outside advisers to complete the review.

“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,” it added on Policybazaar suffers security breach. Along with this, you can also check the latest data breach of Shutterfly and Flipkart.

Founded in 2008, Policybazaar offers an online marketplace where people can search for and acquire insurance from a range of companies. The business wants to overthrow the standard insurance model by using a middleman online model, and its website advertises that it has sold over 19 million policies since it was founded.

Policybazaar is expanding its business model by seeking out areas to handle claims processing and offline services. It received an Indian insurance companies brokers license from IRDAI in June 2021, allowing it to expand into more fields, such as commission claims payouts and wealth management.

PB Fintech’s s owner, Policybazaar, started out trading on the Indian stock market on the last Monday in November of its first year of operations and raised 20 times its IPO price in the morning. The stock price dropped 4.3 rupees on Monday to close below INR 499.70.

The Policybazaar suffers security breach disclosure letter did not mention which information had been exposed or how many users had been affected.

Jake Moore, the cyber security adviser at ESET, remarked that “Increased data leaks are worrying, but with the number of inevitable attacks, more needs to be done to deal with the aftermath appropriately.” Too many companies are trying to hide the damaging news and try to downplay the severity of the situation. Customers need to be respected, and should be made aware of the precise data taken and when it was released as soon as possible.