HDFC Life Insurance Strengthens Cybersecurity Post Data Breach

HDFC Life Insurance addressed a data theft incident from 2024, implementing stronger security protocols. The breach was contained and caused no material adverse impact. In the third quarter of 2024, the firm's net profit rose by 14%, despite a decline in total income and solvency ratio.

HDFC Life Insurance announced on Thursday that it encountered a data theft incident last year. The issue was discovered in November 2024, prompting the company to take corrective actions.

After comprehensive assessments, it was revealed that the unauthorized data access was limited to a specific issue, which has since been resolved. HDFC Life Insurance confirmed there was no significant negative impact from the breach.

In response, the insurer has enhanced its cybersecurity measures. Despite the data incident, the company's net profit for the third quarter of 2024 saw a 14% increase to Rs 415 crore, although total income and solvency ratio experienced declines.

(With inputs from agencies.)