Trick 3- Cyber Attack Leading to Data Breach
- Hackers use malware, phishing, or social engineering techniques to gain access to insurance firms’ systems.
- Data theft is used for identity theft, fraudulent claims, or resale on the dark web.
- Often targeted at large-scale online platforms like aggregators and fintech companies.
- Example: Policybazaar Data Breach (2018).
3. Policybazaar Data Breach (2018)
Steps of the Fraud:
- Unauthorized Access:
- Hackers exploited vulnerabilities in Policybazaar’s systems to gain unauthorized access to customer data.
- Data Compromise:
- Personal information of millions of customers, including names, contact details, and policy information, was exposed.
- Company Response:
- Policybazaar acknowledged the breach, notified affected customers, and enhanced security measures to prevent future incidents.