Upstox Data Breach: Funds and Securities balance remain safe

Upstox data breach

Upstox has alerted customers of a security breach that included contact data and KYC details of customers. The retail broking firm assured users that their funds and securities remain safe.

The development comes close on the heels of reports of data breaches at organisations like Facebook, LinkedIn, and MobiKwik.

About Upstox

Upstox is a leading discount broker in India. Upstox offers trading in equity, futures and options, mutual funds, digital gold and IPO. It has been backed by stellar names such as Tiger Global and Ratan Tata. Upstox boasts of more than 3 million users.

Message from Upstox

“On receipt of e-mails claiming unauthorised access into our database, we have appointed a leading international cyber-security firm to investigate possibilities of breach of some KYC data stored in third-party data warehouse systems. This morning, hackers put up a sample of our data on the dark web,” a company spokesperson said in an e-mailed statement.

The spokesperson added that as a proactive measure, the company has initiated multiple security enhancements, particularly at the third-party warehouses, real-time 24×7 monitoring and additional ring-fencing of its network.

“As a matter of abundant caution, we have also initiated a secure password reset via OTP for all Upstox users. Upstox takes customer security extremely seriously. Funds and securities of all Upstox customers are protected and remain safe. We have also duly reported this incident to the relevant authorities,” the spokesperson said.

The spokesperson further said that at this point, “We don’t know with certainty the number of customers whose data has been exposed.”

Funds and Securities balance remain safe

In an announcement note on the company website, Upstox co-founder and CEO Ravi Kumar said funds and securities of customers 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. Through this time, we have also strongly fortified our systems to the highest standards,” he said.

Kumar added that the company has restricted access to the impacted database. The company has also added multiple security enhancements at all third-party data-warehouses.

Upstox has also ramped up its bug bounty programme to encourage ethical hackers to stress test its systems and protocols and help it identify any vulnerabilities from time to time.

The company has urged customers to always use unique strong passwords. The passwords should be different from older versions and to not share OTPs with anyone. It also urged the customers to beware of online fraud and double-check the legitimacy of links and senders, to watch out for OTPs that they have requested and to alert the service provider in such events.

You may also like...

Leave a Reply

%d bloggers like this: