HDFC Life Addresses Data Theft, Enhances Security

New Delhi, Mar 13 (PTI) HDFC Life Insurance on Thursday said the company faced data theft last year and the issue has been addressed.

The incident of data theft came to the knowledge of the insurance company in November 2024 following which remedial action was initiated.

The assessments have now been completed, revealing that the unauthorized exploitation was confined to a specific, identified issue, HDFC Life Insurance said in a regulatory filing.

This issue has since been promptly addressed and remediated, it said.

Based on the current assessment, the company is of the view that the incident has not resulted in any material adverse impact, it said.

In response to the incident, it said, the company has also implemented enhanced security protocols, to further strengthen its IT infrastructure and safeguard customer data.

The insurer in November had received communication from an unknown source, who had shared certain data fields of customers of HDFC Life Insurance.

The company is fully committed to maintaining the highest standards of cyber security and data protection and has instituted several measures that will help strengthen the same.

For the third quarter ended December 2024, HDFC Life reported 14 per cent rise in net profit at Rs 415 crore as against Rs 365 crore in the year-ago period. However, total income declined to Rs 16,914 crore from Rs 26,694 crore a year ago.

The company's solvency ratio also declined to 188 per cent from 190 per cent as on December 31, 2023 as against the regulatory requirement of 150 per cent.