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Insurtech player’s parent firm PB Fintech informs stock exchanges about IT systems breach

The insurtech firm that was founded in 2008 serves as a marketplace for insurance products and listed on the exchanges in November last year

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

‘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, it added.

“The identified vulnerabilities have been fixed and a thorough audit of the systems has been initiated,” PB Fintech told the exchanges.

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

“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. The insurtech firm 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.

The insurtech firm that was founded in 2008 serves as a marketplace for insurance products and listed on the exchanges in November last year.

Shares of PB Fintech closed at INR 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 INR 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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Khushbu Soni
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