Upstox says it has upgraded its security measures after the hack, assures users their funds and securities are safe
Another day, another Indian company gets hacked
April 12, 2021 / 03:16 PM IST
Upstox has now released a statement on the recent data breach which saw it lose KYC and contact information belonging to 25 lakh of its userbase. Upstox is India's second largest brokerage firm when it comes to active investors.
At the very least, this is a better response than the outright denial by MobiKwik, which was also hit recently with a data breach. In a statement recently listed on its website, the company says, "We have upgraded our security systems manifold recently, on the recommendations of a global cyber-security firm. We brought in the expertise of this globally renowned firm after we received emails claiming unauthorized access into our database. These claims suggested that some contact data and KYC details may have been compromised from third-party data-warehouse systems."
They also assured users that their, "funds and securities are protected and remain safe. Funds can only be moved to your linked bank accounts and your securities are held with the relevant depositories. As a matter of abundant caution, we have also initiated a secure password reset via OTP."
Regardless of the enhanced security measures that the company has now put in place, if you have lost your information it is likely on sale on the dark web.