Annual information about the U.S. cyber insurance market has been hard to come by until now, but new reporting requirements developed by the National Association of Insurance Commissioners (NAIC) now enable insurers to better track cyber insurance policies issued in the marketplace.
According to The Identity Theft Research Center (ITRC) Annual Data Breach Report, 2024 had the second-highest number of data compromises in the U.S. in a single year since the ITRC began tracking data events in 2005, down just one percentage point from the record set in 2023. There was a total of 1.35 trillion victim notices issued including five mega breaches resulting in 100 million to 560 million victim notices issued each, or 83 percent.