Policybazaar Says Its IT System Hacked; Authorities Informed

PB Fintech, the parent company of Policybazaar Insurance Brokers Private Ltd, said that the IT system of the firm was hacked on July 19.

PB Fintech, the parent company of Policybazaar Insurance Brokers Private Ltd, on Sunday said that the IT system of the firm was hacked on July 19, and subsequent corrective action was taken.

The company identified certain vulnerabilities on July 19 in a part of Policybazaar Insurance Broker's IT systems leading to illegal and unauthorized access to the network.

"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," the insurance brokerage firm said in a regulatory filing.

The information security team is currently reviewing the matter along with external advisors, it said.