Premium Credit sent an email to clients explaining the situation, which has been seen by Insurance Times

Premium Credit’s outage over the last few days has been described as a ”cyber incident” in an email sent by the company to its clients.

In an email seen by Insurance Times from James Radford, deputy chief executive and chief operations officer, it says the incident was detected at 9:30am on Sunday morning.

In another email, updating clients, the company said it’s experts were making “substantial progress” to restore the services for customers and partners, but it was still not ready to open for business.

Data breach?

Premium Credit is now in its fourth day of being offline and without access to phones.

Brokers have vented their frustration at being “left in the dark” with little-to-no communication.

A source said that while it says in the letter that ”no data breach has been identified,” the lack of transparency is “not good.”

The source, who works for one of Premium Credit’s clients, speculated that the company’s system had been breached and was being locked out of its system by the hackers.

Premium Credit apologised to clients and thanked them for their continued patience while hoping to be back online very shortly.

It also said that any customer payment that is delayed due to the outage “will not be treated as a default or incur a default charge.”

It also stated that it believes all customer data remains safe and secure.

Premium Credit has been approached for comment.

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