Insurance Data Breach: IRDAI Steps Up IT Security Audits

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated audits for two insurance firms amid concerns over recent data leaks. The regulator emphasizes the seriousness of data breaches and collaborates with companies to safeguard policyholders' information, implementing comprehensive IT audits and preventive measures to ensure cybersecurity.

The Insurance Regulatory and Development Authority of India (IRDAI) has instructed two insurers to undergo audits following recent data breaches. These breaches have raised concerns over the protection of policyholders' information, prompting IRDAI to take decisive action.

The IRDAI is closely coordinating with the management of these insurance companies to address vulnerabilities and reinforce data security measures. Although the regulator has not publicly named the companies involved, it has confirmed its commitment to safeguarding policyholders' interests.

An independent audit has been ordered for comprehensive assessment of IT systems. The audit aims to ensure there are no lingering vulnerabilities within the IT infrastructure. Immediate actions are being taken as per guidelines to protect sensitive policyholder data, including isolation of affected systems and filing of legal complaints against threat actors.

(With inputs from agencies.)