Financial Services Firm WeRize Falls Victim to Data Breach

Cyber Attack

Financial services platform WeRize, also known as Wortgage Technologies, announced on Friday that it has experienced a data breach. The breach was reported to India's Computer Emergency Response Team (CERT-In), as well as other relevant authorities and stakeholders. External forensic teams are currently investigating the incident.

Preliminary investigations suggest potential collusion by certain company personnel who may have violated policies, training, and practices by sharing data without authorization. WeRize has emphasized its zero-tolerance policy towards such actions and has pledged to take stringent action against the perpetrators within the bounds of the law.

The company has assured that it takes such incidents seriously and has always maintained security measures and best practices proportional to its operations. It has undergone multiple certifications, audits by third parties, and penetration testing exercises to ensure the security of its systems.

WeRize intends to further enhance its security systems and implement additional measures to prevent similar incidents from occurring in the future. Despite the breach, the company has confirmed that its operations and business continuity remain unaffected. It has implemented additional precautions and protections to ensure the functionality of its systems.

Founded in 2019 by former Lendingkart executives Vishal Chopra and Himanshu Gupta, WeRize aims to build India’s first socially distributed full-stack fintech platform for emerging middle-class families. The company offers a wide range of customized financial products, including mortgages, unsecured credit, insurance, and savings products, catering to over 300 million people across more than 5,000 small cities.

WeRize has raised $25.75 million equity, with a valuation of $115.5 million, from investors such as British International Investment (CDC), Sony Japan, 3one4 Capital, Picus, and others.

According to a report by private virtual network provider Surfshark, India ranked fifth in the list of most breached countries in 2023, with 5.3 million leaked accounts. Globally, a total of 299.8 million accounts were breached, with the US topping the list, followed by Russia, France, Spain, and India.