Policybazaar announces IT breach

The parent company of Policybazaar, PB Fintech said that the insurance broking platform’s IT systems were breached. The company said that IT systems and the same were subject to illegal and unauthorized access.

Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law. The company added that issues identified in its IT systems have been fixed since then and an audit has been initiated, adding that no significant customer data was exposed.

PB Fintech said, “We wish to bring to your notice that on 19 July 2022, certain vulnerabilities were identified in a part of Policybazaar Insurance Brokers Private Limited (Policybazaar) IT systems and the same were subject to illegal and unauthorized access. In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law.”

Recently, a number of platforms from payment gateways to broking have reported a spate of customer data breaches and frauds. Fraudsters were recently arrested in Mumbai for allegedly using customer data to hack demat accounts of Zerodha customers and siphoning off funds.

Flight booking platform Cleartrip also informed its customers that its internal systems were breached by unnamed perpetrators. In an email, Cleartrip informed that apart from a person's profile, “no sensitive information pertaining to your Cleartrip account has been compromised as a result of this anomaly of our systems.”