Axis Max Life probes alleged customer data breach after anonymous threat

Axis Max Life probes alleged customer data breach after anonymous threat

Axis Max Life Insurance, a joint venture between Axis Bank and Max Financial Services Ltd, has reported a potential cyber threat after receiving an anonymous communication alleging unauthorised access to customer data.

In a regulatory filing on July 1, Max Financial Services Ltd, the parent entity, informed stock exchanges that Axis Max Life had received a message from an unidentified sender claiming to have breached its systems and accessed sensitive customer information.

“As an immediate measure, Axis Max Life has initiated an information security assessment and data log analysis,” the company said.

It added that a detailed investigation is underway in consultation with cybersecurity experts to identify the root cause and implement necessary remedial measures.

The company emphasised that the disclosure was made as part of good governance practices. “We value the privacy of our customers and are committed to take utmost care to safeguard their interest,” said Anurag Chauhan, General Counsel and Company Secretary of Axis Max Life Insurance.

Max Financial Services, which holds a majority stake in Axis Max Life, also informed the BSE and NSE of the incident and attached Axis Max Life’s statement in its filing. The correspondence stated that the company is working closely with information security specialists to determine the extent of the potential breach and ensure data protection going forward.

Axis Max Life Insurance is the fifth-largest insurer in India, with a sum assured of Rs 21.9 trillion and assets under management of Rs 1.75 trillion, as per the data disclosed in its latest annual report.

While the nature and scope of the alleged data access remain unclear, the insurance company has not disclosed whether any specific customer data sets were compromised or if any operational systems were affected.

This incident comes at a time when cybersecurity is under increasing scrutiny in the Indian financial sector, with regulators such as the Insurance Regulatory and Development Authority of India (IRDAI) and the Reserve Bank of India (RBI) calling for greater cyber hygiene and data privacy compliance across banks and insurers.

Moneycontrol had previously reported on the Star Health data breach, which is said to be the largest cyberattack the Indian insurance sector has witnessed so far.

FY25 has also emerged as the most vulnerable year yet, recording some of the biggest breaches and a surge in cyberattacks across sectors, according to another Moneycontrol report.

Axis Max Life has not yet clarified if it has contacted affected customers or regulatory authorities beyond the exchanges. As of now, no service disruptions have been officially reported.