Policybazaar Says Its IT System Hacked

PB Fintech, the parent company of Policybazaar Insurance Brokers Private Ltd, announced on Sunday that the company’s IT systems had been hacked on July 19 and corrective action was then taken.

The company on July 19 identified a specific vulnerability in the IT system part of the Insurance Brokers Policybazaar that led to illegal and unauthorized access to the network.

“In this context, Policybazaar has contacted the relevant authorities and is taking the necessary legal action. The identified vulnerabilities have been fixed and a thorough review of the system has begun,” the insurance brokerage firm said in a regulatory filing.

The information security team is currently reviewing the matter with outside lawyers, the press release said.

“While we are in the process of conducting a detailed review, our review to date has determined that no material customer information was disclosed. Policybazaar always prioritizes the security and integrity of its systems and is committed to protecting customer data,” he said.

Policybazaar is in the insurance brokerage business and stores a lot of data about its policyholders, including details of their transactions.