HDFC Life Insurance resolves November data theft incident, grants 1.67 lakh stock options to employees

The incident of data theft came to the knowledge of the insurance company on November 25, 2024, following which remedial action was initiated.

“We wish to inform that we have received communication from an unknown source, who has shared certain data fields of our customers with us, with mala fide intent,” said a regulatory filing dating back to the incident.

Following the breach, HDFC Life Insurance along with leading information security experts conducted a comprehensive assessment of the data theft incident and the company’s IT systems, the insurer informed stock exchanges on March 13.

Based on the current assessment, the company is of the view that the incident has not resulted in any material adverse impact, it said.

In response to the incident, the company implemented enhanced security protocols, to further strengthen its IT infrastructure and safeguard customer data.

The insurer in November had received communication from an unknown source, who had shared certain data fields of customers of HDFC Life Insurance.

“The company is fully committed to maintaining the highest standards of cyber security and data protection and has instituted several measures that will help strengthen the same,” it added.

HDFC Life Insurance grants 1.67 lakh option shares under ESOS scheme

HDFC Life Insurance also announced that it granted 1.67 lakh stock options convertible to equity at ₹632 for the face value of ₹10 each under the Employee Stock Option Scheme (ESOS) scheme.

HDFC Life Insurance share performance

One of the worst-performing stocks on the NIFTY50, HDFC Life shares closed in the red at ₹622.40, down 1.52% on the National Stock Exchange (NSE) on Thursday.

The share lost 0.45% over the week but gained 2.28% since the beginning of March. It has climbed 0.87% on a year-to-date basis.