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, 2023 had a record high number of data compromises in the U.S. in a single year. A 72 percentage point hike from the previous all-time high number of compromises set in 2021. At least 353 million individuals were impacted.