Latest news with #Information&CyberSecurityGuidelines
The Hindu
26-07-2025
- Business
- The Hindu
IRDAI imposes ₹3.39 cr penalty on Star Health Insurance
The Insurance Regulatory and Development Authority of India has imposed a penalty of ₹3.39 crore and issued a warning to Star Health and Allied Insurance Company for violations under IRDAI Information & Cyber Security Guidelines, 2023. The regulator, however, did not elaborate on the violations in its July 25th communication. On Saturday (July 26, 2025), intimating the stock exchange of the action, Star Health said the penalty has been levied with respect to certain aspects pertaining to safeguard of data and cyber security. It said the financial impact is restricted to the penalty amount and no impact is expected on the operation or other activities of the company. The options available for addressing the matter are being evaluated, including appealing against the order of IRDAI to SAT. The standalone insurer was in the spotlight last year after it came under a cyber attack in which personal data of customers got breached. The company's leadership had in October confirmed the cyber attack and pointed to how it responded swiftly and decisively. In the wake of the attack it was working very closely with cyber security experts, regulatory and law enforcement authority to thoroughly investigate the breach. It had also succeeded in taking down the data exposed, a senior executive said. The insurer said it was fortifying its systems with advanced security measures and controls to prevent any future incidents.
News18
25-07-2025
- Business
- News18
Irdai imposes Rs 3.39 cr penalty on Star Health Insurance
New Delhi, Jul 25 (PTI) Regulator Irdai on Friday said it has imposed a Rs 3.39 crore penalty on Star Health and Allied Insurance for various violations of Information & Cyber Security Guidelines. The Insurance Regulatory and Development Authority (Irdai) has also issued a warning to the insurer. 'Irdai…has imposed a penalty of Rs Three Crore Thirty-Nine Lakhs and a warning for various violations established under Irdai Information & Cyber Security Guidelines, 2023," the regulator said in its order on Star Health and Allied Insurance. Star Health Insurance has a strong multi-channel distribution network, with 913 offices, over 14,000 network hospitals, more than 7,75,000 licensed agents, and 17,000 employees. In 2024-25, Star Health's gross written premium stood at Rs 17,553 crore, with its net worth at Rs 8,668 crore. PTI NKD NKD BAL BAL Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
