Niva Bupa Health Insurance Company has reported an incident of a cyber threat, where an anonymous entity claims to have hacked the company’s customer database. According to a regulatory filing, the company received an email from the supposed hacker, claiming to possess customer data. In response, Niva Bupa is conducting an investigation into the data leak threat and implementing measures to mitigate the risk.
The company has emphasized its commitment to protecting the interests and well-being of its customers, with a current coverage of 19.8 million lives. This is not the first reported data breach in the health insurance sector, as Star Health Insurance reported a similar incident last year, affecting around 3.1 crore customers.
Despite this setback, Niva Bupa seems to be performing well financially, with a threefold jump in profit after tax (PAT) at Rs 13.2 crore during the third quarter of the previous year. The company’s total income rose to Rs 1,241 crore from Rs 1,033 crore in the same period, and its solvency ratio increased to 3.03 at the end of December 2024, as against 2.56 at the end of the third quarter of the previous year.
The incident highlights the importance of robust cybersecurity measures in the financial sector, particularly in the health insurance industry, where sensitive customer data is stored. As the sector continues to grow and evolve, it is crucial for companies to prioritize the protection of this data to maintain customer trust and confidence.