Online insurer Policybazaar claims that “unauthorised access” compromised consumer data

However, “no major” client data was disclosed — or in other words, some was accessed — by an unidentified security breach at Indian online insurance Policybazaar, which verified the issue Sunday.

In a stock market statement, insurance broker Policybazaar disclosed that its IT systems had been breached by “illegal and unauthorised access,” and that it is working with authorities to take appropriate action.

According to the company’s website, it has over 9 million clients.

Last year, PB Fintech, Policybazaar’s holding company, went public, and the company’s shares are now selling for less than half of their initial public offering price, after an examination found “some weaknesses” in the IT systems and they have been rectified.

All consumer data, whether or not it was accessed by an intruder, and how many times the vulnerabilities were exploited were unknown.

“The detected vulnerabilities have been patched and a full audit of the systems has been started. The information security team and external consultants are presently reviewing the problem,” the business said.