Insurance Information Bureau of India

• Russian hackers have encrypted IIB data through a ransomware attack and demanded $250,000 in bitcoins to undo the damage.
• The hackers claimed to have stolen sensitive data such as policy details, claims history, and personal information of millions of customers.

ABOUT INSURANCE INFORMATION BUREAU OF INDIA

• IIB is an autonomous body established by Insurance Regulatory and Development Authority of India (IRDAI) in 2009 and formally inaugurated in 2010.
• It is registered as an independent society under the Andhra Pradesh Societies Registration Act in 2012.
• HQ: Hyderabad, Telangana
• The main objective of IIB is to act as a single platform maintaining a repository and analytics of insurance-sector related information in India.
• Functions
  • Providing analytical insights and reports to IRDAI and other stakeholders on various aspects like trends, patterns, performance, risks, frauds, etc.
  • Developing and maintaining databases and repositories of insurance data
  • Facilitating data sharing and exchange among different stakeholders
  • Developing and implementing standards and best practices for data quality, security and governance in the insurance sector.
  • Undertaking research and development activities
• Furthermore
  • It provides a bundle of services related to motor insurance to multiple stakeholders Spearheads Mortality and Morbidity Investigation Centre (MMIC) Operations.
  • It handles Central Index Server which acts as a nodal point between different Insurance Repositories.
  • Maintains a Registry of all Hospitals in the Network of Insurance (ROHINI)