Insurer Globe Life begins internal review after inquiry from regulator
Adds details, background on short seller activity in paragraphs 2-5
June 14 (Reuters) -Globe Life GL.N has started a review of "potential vulnerabilities" in a web portal that could have allowed unauthorized access to its customers' information, after an inquiry from a state regulator, the insurer said on Friday.
The issue was related to access permissions and user identity management, the company said, adding that it had removed external access to the portal.
The Texas-based insurer has been under scrutiny this year after coming under fire from short sellers such as Fuzzy Panda Research and Viceroy Research for alleged fraud in its sales tactics and other operations.
Globe Life has denied the short sellers' allegations. However, its shares have dropped 24% since Fuzzy Panda's report in April.
Globe Life retained security experts to investigate the issue and help with remediation efforts, it said, adding that the incident has not had a material impact on its operations so far.
The company did not identify the state regulator it received the inquiry from. Insurers are not regulated at the federal level, but by the state in which they operate in.
Reporting by Niket Nishant in Bengaluru; Editing by Janane Venkatraman
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