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PolicyBazaar parent notifies exchanges about IT systems breach


PB Fintech, the parent entity of insurtech player PolicyBazaar, informed the stock exchanges on Sunday that certain vulnerabilities were identified in a part of PolicyBazaar Insurance Brokers Pvt Ltd’s IT systems, and that these were subject to illegal and unauthorised access.


It added that the ‘identified vulnerabilities’ in the IT systems that had taken place on July 19 had been fixed and that no significant customer data had been exposed.

“The identified vulnerabilities have been fixed and a thorough audit of the systems has been initiated,”

told the exchanges.

The company said it had reached out to the appropriate authorities and was taking due recourse as per law.

“While we are in the process of undertaking a detailed review, as on date, our review has found that no significant customer data was exposed. PolicyBazaar has always prioritised the security and integrity of its systems and is committed towards protection of customer data,” it added.

PB Fintech will issue further updates on this in accordance with applicable laws, it said.

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Founded in 2008, PolicyBazaar serves as a marketplace for insurance products and
listed on the exchanges in November last year.

Shares of PB Fintech closed at Rs 520.10 apiece on July 22, down almost 1.3%.

Last week, Flipkart-owned airline and hotel booking platform
Cleartrip said it had suffered a major data breach in its internal systems. In an emailed communication to customers, the online travel booking company clarified that while some personal details were part of the leak, no sensitive information was compromised.

In May, payment services provider Razorpay confirmed that hackers stole Rs 7.3 crore worth of funds in 831 transactions over a period of three months. Razorpay has filed a police complaint against the theft.

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