India’s Signzy Reports Cyberattack, Assures Data Safety

Signzy, a Bengaluru-based startup offering "know your customer" (KYC) verification and onboarding services to financial institutions, has confirmed a recent security breach. The company, which serves over 600 global financial institutions, including India's top banks, was targeted by a cyberattack last week. While Signzy acknowledged the incident, it declined to provide further details.

India’s CERT-In (Computer Emergency Response Team) also confirmed awareness of the breach and stated that it is taking appropriate action with relevant authorities. Signzy, founded in 2015, enables the onboarding of 10 million customers monthly, serving major clients like ICICI Bank, SBI, and Aditya Birla Financial Services, as well as international offices in New York and Dubai.

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Sources, including two of Signzy’s clients, raised concerns about customer data appearing on a cybercrime forum. However, PayU, another Signzy customer, clarified that the malware involved was an "information stealer" and confirmed that no data was compromised for its customers. ICICI Bank also confirmed it was unaffected by the incident.

Signzy has hired a professional agency to investigate the breach but refrained from commenting on whether customer data was exfiltrated. The company has informed its clients, stakeholders, and regulators about the incident, although there has been no communication with the Reserve Bank of India (RBI) at this time.

About Signzy

Signzy specializes in online identity verification and compliance solutions within the financial sector. The company offers a range of services rhat includes compliance, business validation, digital contracting, asset authentication, and fraud detection. Its platform caters to various sectors within the financial industry, providing tools for banking, investment, insurance, and payments. The company was founded in 2015 and is based in New York.

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