Policybazar says IT system of firm compromised; authorities informed

PB Fintech, the parent company of Policybazaar Insurance Brokers Private Ltd, on Sunday said that the IT system of the firm was hacked on July 19 and subsequent corrective action was taken.

The company identified certain vulnerabilities on July 19 in a part of Policybazaar Insurance Brokers IT systems leading to illegal and unauthorized access to the network.

"In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law. The identified vulnerabilities have been fixed and a thorough audit of the systems has been initiated," the insurance brokerage firm said in a regulatory filing.

The matter is currently being reviewed by the information security team along with external advisors, it 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. Policybazaar has always prioritized the security and integrity of its systems and is committed towards protection of customer data," it said.

Policybazaar is into insurance brokerage and stores lots of data about its policyholders including their transaction details.