Data Breach at MobiKwik
| Case Code: ITSY121 Case Length: 8 Pages Period: 2021 Pub Date: 2021 Teaching Note: Available |
Price: Rs.300 Organization: MobiKwik System Pvt. Ltd Industry: Financial Services Countries: India Themes: Information Security, Data Privacy, Information Systems, FinTech |
Abstract Case Intro
In March 2021, India-based digital payment platform MobiKwik System Pvt. Ltd. (MobiKwik) reportedly fell victim to one of the largest data breaches in Indian history. Allegations surfaced that the personal data of nearly 110 million of its users had been breached and had been put on sale on a hacker forum on the dark web. The data included Aadhaar card, credit and debit card details, GPS locations, bill payment history, and mobile phone numbers linked to MobiKwik wallet, etc. However, the fintech startup denied that any data breach had taken place but stated that it was investigating the matter.
Founded in 2009 by Bipin Preet Singh (Singh) and Upasana Taku (Taku), MobiKwik was one of the leading fintech platforms in India operating businesses in consumer payments, financial services, and payment gateways. As of March 2021, its payments network was one of the largest in India with 120 million users, 3 million merchants, and 300+ billers (See Exhibit I). The market valuation of MobiKwik was US$ 414 million as of March 2020. The total funding received by the fintech platform as of June 2021 was US $197.5 million and some of its major investors were Sequoia Capital , American Express Ventures , and MediaTek Ventures. In fiscal 2020, MobiKwik’s revenue was Rs. 3,790 million...
Exhibits
Exhibit I: MobiKwik User Growth (2016 to 2020)
Exhibit II: Key Financial Highlights of MobiKwik as of FY 2020
Exhibit III: Net Revenues of MobiKwik
Exhibit IV: Screenshots of MobiKwik’s Data Leak Posted on the Dark Web
Exhibit V: Some Major Data Breaches in India (2021)
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