Max Financial, India reports cyber-threat at unit
India's Max Financial Services announced on Wednesday that Axis Max Life Insurance received information about an unauthorized access of some customer data. The communication came from an anonymous sender.
Max Financial announced that the company had begun a data log and security assessment.
In a press release, the company stated that "a detailed investigation was also underway in consultation and with experts in information security to assess the cause of the incident" and take any necessary remedial actions.
Axis Max Life Insurance was created as a joint venture by private lender Axis Bank, and Max Financial.
In the last 10 months, Indian companies such as Angel One and Niva Bupa Health Insurance as well Star Health and HDFC Life Insurance reported security breaches of high profile.
These incidents led the insurance regulator in Canada to order an audit of all IT systems across the industry.
Reports earlier this year showed that cyber fraud cases in India increased by more than four-fold in fiscal 2024. This led to losses of over $20 million.
As of April 2024, internal government data showed that since 2021, individuals had lost almost $1.26 billion due to cyber fraud. Reporting by Manvi Pan; Editing and proofreading by Shreya biswas and Tasimzahid
(source: Reuters)
