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Ransomware and extortion-based attacks account for more than 80% of claims against standalone cyber policies.

Three major trends have dominated the cyber market in 2023 says Jaime Palumbo of Corvus Insurance.

In 2023, the average data breach costs $4.45 million worldwide, an increase of 2% compared to 2022.

During the past 12 months, 42% of small businesses that suffered a cyberattack lost revenue because of the incident, the ITRC reports.

Data privacy and cyber risks are the areas that cause the most worry around generative AI use.

Insurers still using legacy systems could be more exposed to growing cyberthreats, Earnix noted in its 2023 industry trends report.

The previous record of 1,862 compromises was set in 2021, the Identity Theft Resource Center reports. This year has seen more than 2,100 data-compromise events with three months to go.

Considering all of the personal identifiable information insurers collect and store, cyber safeguards are imperative.