Policybazaar IT system suffers breach

However, the firm said that no significant customer data was exposed.

Indian online broker Policybazaar suffered an unspecified security breach to its IT system last 19 July.

According to its parent company PB Fintech its IT system was subjected 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 identified vulnerabilities have been fixed, and a thorough audit of the systems has been initiated," Policybazaar said in a regulatory filing.

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The online broker said it has already identified its vulnerabilities and has taken steps to have it fixed as well as initiated a thorough audit of its system. The matter is under review with Policybazaar’s information security team along with external advisors.

Despite the breach in security, Policybazaar stated that there is no significant customer data was exposed. It, however, did not clarify what data were exposed during the backing.

Policybazaar has claimed that it is serving over nine million customers on its online platform.