Policybazaar says its IT systems were breached; audit initiated

Policybazaar Insurance Brokers Pvt Ltd’s parent company, PB Fintech, said in a regulatory filing that its IT systems were breached, and that it has reached out to appropriate authorities. It added that an audit of the systems has been initiated. 

In a filing, Policybazaar said, “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 unauthorized access. In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law.”

The fintech company said that the identified vulnerabilities have been fixed and a thorough audit of their systems has been initiated. It added that the matter is being currently 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,” it said, further adding that it has always prioritised the security and integrity of its systems and protection of customer data. 

Policybazaar was listed on the BSE on November 15, 2021, at a premium of 17.35 per cent.The IPO comprised a fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders, according to its draft red herring prospectus. Following its market debut, it had reached a high of Rs 1,470, but is currently trading at Rs 522. 

Apart from Policybazaar, PB Fintech also owns Paisabazaar, and the lending and insurance marketplace in the UAE region, Policybazaar.ae. 

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