Policybazaar admits cyber security incident, says customer data safe

Date:

Leading insuretech platform Policybazaar has admitted it was hit by a cyber security incident last week but no significant customer data was exposed.

In a stock exchange filing, the platform which sells several insurable coverages said that on July 19, certain vulnerabilities were identified in Policybazaar IT systems and the same was subject to “illegal and unauthorized access”.

The company, which serves more than 9 million customers, said 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. 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,” said the company.

Policybazaar said it has reached out to the appropriate authorities and is taking due recourse as per law.

“We will issue further updates on this in accordance with applicable laws,” it added.

Founded in June 2008 by Yashish Dahiya, Alok Bansal, and Avaneesh Nirjar, Policybazaar is the flagship subsidiary of PB Fintech Ltd which also owns the credit product aggregator Paisabazaar.

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