Max Financial's Axis Max Life reports unauthorised acces to customer data

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India's Max Financial Services said on Wednesday that its unit, Axis Max Life Insurance, received communication about unauthorized access to some customer data from an anonymous sender.

The company has initiated a security assessment and data log analysis, Max Financial said.

"A detailed investigation is also underway in consultation with information security experts to assess the root cause of the incident and take remedial action, as necessary" the company said in a statement.

Axis Max Life Insurance is a joint venture between private lender Axis Bank and Max Financial.

Indian firms such as Angel One, Niva Bupa Health Insurance and Star Health and HDFC Life Insurance have reported high-profile security breaches in the past 10 months.

The incidents prompted the country's insurance regulator to direct industry-wide audits of IT systems.

Cyber fraud cases in India jumped more than four times in fiscal 2024, causing losses of $20 million, Reuters reported earlier this year.

Internal government data as of April 2024 showed that individuals lost nearly $1.26 billion to cyber fraud at financial institutions since 2021.