Online insurer Policybazaar’s parent company PB Fintech revealed on Sunday that it was subjected to an unspecified security incident but assured that no significant customer data was exposed. The company claims that it currently serves over 9 million customers.
Policybazaar said in a stock exchange filing that its IT systems were subject to “illegal and unauthorized access” on July 19, which led to illegal and unauthorized access to the network. The platform that sells a range of insurance coverage also added that it is engaging with the authorities to take recourse.
"In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law. The identified vulnerabilities have been fixed, and a thorough audit of the systems has been initiated," the firm stated in a regulatory filing.
Policybazar said that its information security team is currently reviewing the matter along with external advisors. “The identified vulnerabilities have been fixed and a thorough audit of the systems has been initiated. The matter is currently being reviewed by the information security team along with external advisors,” the company noted in the filing.
The company said that the review found that "no significant customer data was exposed”, which means some amount of data has been 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 towards protection of customer data," the online insurer noted.
Policybazar didn't reveal the kind of customer data that had been exposed or whether there was a data breach by an attacker and also any details related to how many times the vulnerabilities were exploited.
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