Policybazaar Faces Cybersecurity Attack

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IT systems of PB Fintech were breached on the 19th of July 2022 as certain vulnerabilities were identified in its systems and were subject to illegal and unauthorised access.

PB Fintech is the parent company of Policybazaar, which is an Indian insurance aggregator and multinational financial technology company based in Gurgaon.

“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 unauthorised access. In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law,” the company informed the stock exchanges.

The company further added that 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 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 to the protection of customer data. We will issue further updates on this in accordance with applicable laws. You are requested to kindly take the same in your records,” the company pointed out.

According to data by Cybersecurity Company Akamai, India experienced a total of 193,510,152 cyberattacks on application programme interfaces (APIs), software that allows two applications to an interface between December 2021 and February 2022.

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