[UPDATE] Fintech SaaS Startup Signzy To Launch Probe After Alleged Security Incident

UPDATE | December 3, 1:15 PM

Bengaluru-based fintech SaaS startup Signzy has said it is in the process of launching a probe following an alleged security incident last week.

“We have been informed about a security incident recently and we are in the process of investigation. We value the importance of cyber security. We are taking utmost care on the same,” a Signzy spokesperson told Inc42.

Founded by Ankit Ratan, Ankur Pandey, and Arpit Ratan in 2015, Signzy provides digital onboarding solutions to banks and NBFCs via its no-code platform. The startup claims to work with more than 240 financial institutions.

Original | December 3, 11:14 AM

Fintech SaaS startup Signzy, which counts Gaja Capital, Vertex Ventures and Arkam Ventures among its backers, has reportedly confirmed a security incident.

As per TechCrunch, citing multiple sources, the Bengaluru-based startup was hit by a cyberattack last week. 

The Computer Emergency Response Team (CERT-In), separately acknowledged to TechCrunch that it was aware of the incident and “in process of taking appropriate action with the concerned authority.”

Inc42has reached out to Signzy for comments on the development. The story will be updated based on the response.

One of Signzy’s customers PayU has confirmed that it received a written confirmation from the company, however, assuring that none of the payments solutions major’s data was compromised in the incident. 

On the other hand, ICICI Bank mentioned that it had no exposure to the incident, the report said.

Signzy has also hired a professional agency to probe the security incident, the company’s spokesperson  said.

Founded by Ankit Ratan, Ankur Pandey, and Arpit Ratan in 2015, Signzy provides digital onboarding solutions to banks and NBFCs via its no-code platform. The startup claims to work with more than 240 financial institutions.

Signzy was also recently chosen for Reserve Bank of India’s fifth cohort of the regulatory sandbox initiative. Under this initiative, companies test new products or services in a controlled regulatory environment with an opportunity to scale up their offerings, bring efficiency and devise solutions for new-age problems. 

This security incident comes at a time when cyberattacks are on a rise in the country. In September, general insurance major Star Health & Allied Insurance faced a major data breach, resulting in personal data leakage of millions of its customers online. 

However, later in October, the alleged hacker claimed that the insurer’s chief information security officer (CISO) sold him the data. 

Similarly, in July, one of WazirX’s multisig wallets was attacked, resulting in the loss of digital assets worth over $230 Mn.

State-owned telecommunications company BSNL also suffered two data breaches within 6 months. The incident involved critical data, including international mobile subscriber identity (IMSI) numbers, SIM card information, home location register details, DP card data and even snapshots of BSNL’s SOLARIS servers. 

As per a recent report by Zscaler, India now reportedly tops the list for mobile malware attacks globally, surpassing the United States and Canada.

(Note: The story has been updated to include Signzy’s comment)