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IRDAI has issued a statement in which it admitted instances of cyber security breach at two insurers. It said that the independent audit company reported instances of cyber security breach to the government of India and IRDAI.
The insurance regulator informed that the insurers have filed a criminal complaint with the law enforcement agencies against the threat actors. It served legal notice on the social media platform to prevent the threat actor from selling the policyholders data.
As a result, IRDAI has issued advisory to all insurers companies to check their IT systems for vulnerabilities and take necessary steps to protect the policyholders’ data.
The insurance regulator issued preventive steps to keep the policyholders’ data safe and secure. Also, system upgrades over immediate, short and medium time period, will be acted upon by the insurers, said IRDAI.
In a statement, IRDAI said that there have been reports of data leaks from two Insurers recently. “At the outset, it is stated that the IRDAI considers data security as very important issue and takes data breach, cyber-attacks on IT systems of insurance companies, etc very seriously.”
“Cyber security guidelines for insurance companies are in place which require insurers to put in place robust IT and cyber security framework for carrying out their operations. The IRDAI is closely monitoring the situation in case of the concerned insurers and has been in touch with their management. Regular updates are being obtained to ensure that the policyholders’ data and interest are fully protected and the company is taking all steps to arrest the threat posed by this breach. The IRDAI will continue to engage with the insurance companies to ensure that the policyholders’ interests are fully protected. The concerned insurers have been instructed to appoint an independent auditor to undertake comprehensive audit of the company’s IT landscape with the aim that there are no vulnerabilities and the IT system are adequate to meet the scale and complexities of their operations,” said IRDAI.