Another security breach surfaced- This time it is Policybazaar
Policybazaar is a big name in the Insurance Industry founded in 2008 as a one-stop solution for all the Insurance & Financial needs of the customers with the data security and integrity as the core of its business operations. However, a notice has been circulated by its parent company PB Fintech Ltd. in a regulatory filing to the exchanges concerning a security breach at Policybazaar IT system on July 19,2022.
The company said that certain security breach in form of vulnerabilities were identified in a part of Policybazaar Insurance Brokers Private Ltd’s IT systems and the same were subject to illegal and unauthorized access.
However, it stated that the identified vulnerabilities have been fixed and a thorough audit of the systems has been initiated. The authorities have assured that there has been no compromise in the Customer data. The level of security breach and the possible data leaks are still under scanner and the same will be updated in due course.
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Data theft and Cyber risks are considered as a top global risk for the financial sector and the outbreak of this Covid-19 pandemic has contributed a lot in the cyber-crimes gaining pace. The work from home option along with the privilege of online renewal and purchase of Policies have made the online data vulnerable and easier to hack.
Insurance Companies are always on the radar of cyber-attacks due to the plethora of confidential information of the Policyholders. This sensitive personal data can be used for different criminal purposes such as identity theft to obtain financial gains.
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As a result of the cyber-attacks, the Company faces financial loss, customer loss and reputational damage that can be long lasting. Hence, the Insurance companies need to amp up their data security owing to this digital transformation and meanwhile be ready for any unforeseen threats.
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