Medi Assist says subsidiary Paramount TPA faced cyber incident; systems restored

Insurtech firm Medi Assist Healthcare Services Ltd has informed that Paramount Health Services & Insurance TPA Private Ltd, a material step-down wholly owned subsidiary, experienced a cyber security incident affecting some of its systems and services.

The company said the incident was limited to Paramount TPA’s infrastructure and did not impact Medi Assist or its other subsidiaries. "This incident was restricted to Paramount TPA’s systems and services. The company and its other subsidiaries remain unaffected by the aforementioned incident," according to a stock exchange filing.

Also Read: Medi Assist Q1 net profit rises 19% to ₹22 crore on improved EBITDA, steady revenue growth

According to the disclosure, Paramount TPA’s technical team, working with a specialised team of experts, initiated required actions and protocols to mitigate the impact. All affected systems and infrastructure have been restored, and business operations have resumed as usual.

Medi Assist said relevant authorities have been notified, and the management is closely monitoring the situation. Shares of Medi Assist Healthcare Services Ltd ended at ₹464.95, up by ₹6.55, or 1.43%, on the BSE.

Also Read: Bessemer India likely to sell up to 4% stake in Medi Assist via ₹560-crore block deal

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