Cyberattacks and data breaches have become increasingly common over the years, as companies like Flipkart’s Cleartrip, Ronin Network, Bizongo, and others have found out.
One of the more recent companies to have had a taste of the same is Policybazaar, after the IT system of the leading online insurer was hacked. The company informed that it had identified “certain vulnerabilities” in the system, which in turn led to illegal and unauthorized access of the same.
The hack in question took place nearly a week ago (on July 19), and now, Policybazaar assured in a stock exchange filing that the hacker(s) was/were unable to make off with any “significant” customer data. No elaborations were given, so it is unknown the data that the hacker(s) has/have successfully made off with.
At the moment, it has reached out and engaged with the appropriate authorities, as well as fixed the vulnerabilities and initiated a “thorough audit” of the systems. Additionally, the company’s information security team is working with external advisors to review the matter.
“Policybazaar has always prioritized the security and integrity of its systems and is committed towards protection of customer data. We will issue further updates on this in accordance with applicable laws,” the company noted in the stock exchange filing.
This development adds to the 14-year-old Policybazaar’s woes at a time when companies across the world are struggling to stay afloat amidst the economic downturn, and comes after the PB Fintech-owned online insurer had ended 2021 on a grand note with a strong IPO. At that time, it entered the public markets with ₹1,150 per share, a premium of 22% from price bond of ₹940-980 per share. The same enabled it to reach a market capitalization of ₹55,003.04 crores (nearly $7.3 billion).
Fast-forward to 2022, and Policybazaar found its stocks following the lead of numerous other companies and plummeting over the past months. So far, its shares have fallen to less than half of the debut price to currently trade at ₹522.
