Policybazaar, an Indian insurance company, has announced that it suffered from a data breach due to illegal and unauthorized access that occurred on July 19. The company’s owner, PB Fintech, stated that the identified vulnerabilities have since been mitigated and that a thorough audit has begun. At this time, it does not appear that any significant customer data was exposed during the breach. The detailed review will be released after the system is fully investigated by security analysts.
Policybazaar is an online marketplace that allows individuals and insurers to connect and view a range of policies spanning areas such as health and car insurance. The company uses an agent-based model and has sold over 19 million policies since its creation. Although the data leak is worrisome, PB Fintech is confident that the data breach will not impact its customers. However, the breach letter did not mention which data had been exposed or the nature of the attack.