Upstox data breach: A wake up call for market intermediaries
April 16, 2021
This case must be used to make trading foolproof
Upstox, one of the largest discount broking firms, recently suffered a security breach of its systems, resulting in the exposure of its customers’ sensitive information.
Though Upstox did not specify how many of its users’ data was compromised, media reports suggest at least 25 lakh customers data were breached.
Upgraded system
The leaked information includes names, email addresses, dates of birth, bank account information, and about 56 million know your customer (KYC) documents pulled from the company's server.
Following the incident, Upstox issued a clarification, stating: "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 unauthorised access into our database. These claims suggested that some contact data and KYC details may have been compromised from third-party data-warehouse systems."