In a significant data breach, Indian online trading and discount brokerage platform Upstox has revealed that sensitive information of roughly 2.5 million users has been compromised. This incident marks another concerning security lapse for companies in the digital finance sector.
The compromised data, which has reportedly made its way onto the dark web, includes personally identifiable information such as users’ names, email addresses, dates of birth, and sensitive bank account details, alongside an extensive cache of around 56 million Know Your Customer (KYC) documents extracted from its servers.
This breach was initially brought to light by cybersecurity researcher Rajshekhar Rajaharia on April 11, though the exact timeline of the incident remains unclear.
In response to the breach, Upstox has indicated that it has reinforced its security measures in light of indications of unauthorized access to its database. The firm reassures users that their funds and securities remain safeguarded despite this alarming event.
To mitigate risks, Upstox has implemented a secure password reset process for affected users and limited access to the compromised database. The firm has indicated this breach may have resulted from a misconfigured AWS server. Furthermore, it is enhancing security measures at its third-party data storage facilities and upgrading its network protection protocols. However, Upstox has not publicly disclosed the specific number of accounts affected.
This incident follows closely behind another major security breach within the Indian digital wallet sector involving MobiKwik, where over 8.2 terabytes of user data were leaked on cybercrime forums.
Notably, the data breaches reported recently have also affected several other Indian entities, including BigBasket, Dunzo, Edureka, Paytm Mall, and Byju’s-owned WhiteHat Jr, highlighting an alarming trend in cybersecurity vulnerabilities in the region.
