The company stated in a notification to exchanges that the detected vulnerabilities in Policybazaar’s IT systems have been resolved and a thorough examination of the systems has been started.

 The IT systems of the insurance brokerage site were compromised on July 19, according to PB Fintech, Policybazaar’s parent firm, which declared as much on July 24. The business also said that since then, problems with its IT systems had been resolved, and an audit had been started.

 “We would like to inform you that on July 19, 2022, a portion of Policybazaar Insurance Brokers Private Limited’s (“Policybazaar”) IT systems had several vulnerabilities that allowed for illegal and unauthorised access.

In this context, Policybazaar has contacted the relevant authorities and is taking the necessary legal action “In a notification to exchanges, PB Fintech stated. The business said that both its information security personnel and outside consultants are presently reviewing the situation.

“Although we are now conducting a thorough investigation, so far, our investigation has revealed that no important customer information has been compromised.

Policybazaar is committed to protecting client data and has always placed a high priority on maintaining the security and integrity of its systems “The notification went on to say more.

 According to the company, more updates on this will be released in compliance with any relevant regulations. The Policybazaar disclosure comes at a time when other platforms, including payment gateways and brokers, have disclosed a wave of thefts and breaches involving consumer data.

According to a Zee Business report, fraudsters were recently detained in Mumbai for allegedly exploiting user data to break into the demat accounts of Zerodha clients and steal money.

The online travel agency Cleartrip informed its customers of an internal system compromise on July 18 but did not identify the offenders. Except for a person’s profile, Cleartrip stated in an email that “no critical information relevant to your Cleartrip account has been compromised as a result of this anomaly of our systems.”

Razorpay Software, a payment gateway, filed a complaint with the South East Cyber Crime Cell on May 20 alleging that hackers and dishonest consumers had stolen Rs 7.38 crore by tampering with and manipulating Razorpay Software’s authorisation process to confirm 831 unsuccessful transactions.

Between December 2021 and February 2022, India was the target of 193,510,152 cyberattacks on application programme interfaces (APIs), software that enables two programmes to communicate with one another.

India is now the fifth-most-attacked company in the world as a result. Akamai discovered that the majority of cyberattacks in India targeted the financial, e-commerce, and other digital media industries. The attacks affected 22.6 percent of the financial services industry, 30.2 percent of e-commerce, and 32.6 percent of other digital media including social media.