Trading platform Upstox had recently notified its users of a potential data breach that may have compromised their private data.
The Upstox data breach:
Upstox is a popular, free trading and brokerage platform that offers Equity, Commodity, and Currency Derivatives trading services.
It is deployed via the website as well as mobile application platforms.
Regarding the potential data breach, the company stated that they had received concerning emails allegedly claiming that an unauthorized party had gained access to their system database that compromised user contact as well as KYC details.
While the exact details of the data breach details are yet to be disclosed, since investigations are still underway, Upstox has affirmed to its users that none of their funds were compromised.
“We would like to assure you that your funds and securities are protected and remain safe. ” Upstox said the incident has been reported to relevant authorities, and it had enhanced security ‘manifold’.
The company has also stated that they have upgraded their security systems recently as was recommended by a well-known cybersecurity firm.
It was after migrating and bringing the expertise of the well-known security establishment that the trading company received the emails containing the data breach claims.
These claims suggested that some contact data and KYC details may have been compromised from third-party data-warehouse systems.” stated a Upstox spokesperson.
Reassurances by Upstox:
While concerns regarding user finds were still prevalent, Upstox continued to maintain that no resources were compromised.
They stood by their statements by proving that funds could only be transferred to user-linked bank accounts and securities were held with relevant depositories.
Furthermore, OTP-based password reset authentication was also deployed by the trading organization.
“Through this time, we have also strongly fortified our systems to the highest standards.”
“While we have already reported this incident to the relevant authorities, we deeply regret any inconvenience this may have caused you,” noted Upstox.