With 2.5 million users, Upstox is the second largest online stockbroking platform after Zerodha. Recently, internet security researcher Rajshekhar Rajaharia was first to reveal that data of 56 million KYC and 2.5 million users has been compromised.
Image source: Twitter
Upstox is not the first to fall prey to data theft. Companies like BigBasket. Chqbook, Mobikwik have faced similar issues in the recent past. Clearing the air, Ravi Kumar Co-founder and CEO of Upstox issued a clarification that the wealth of the investors is completely secured in a blogpost:
"We would like to assure you that your funds and securities are protected and remain safe. Funds can only be moved to your linked bank accounts and your securities are held with the relevant depositories. As a matter of abundant caution, we have also initiated a secure password reset via OTP.
Through this time, we have also strongly fortified our systems to the highest standards:
- Immediately restricted access to the impacted database - Added multiple security enhancements at all third party data-warehouses - Setup real-time 24x7 monitoring - Additionally ring-fenced the network"