In 2023, there were 1,300 cases of class action suits related to data breaches — more than a twofold increase from 2022 and a fourfold increase compared to 2021. (Credit: Hein/Adobe Stock)

Cyber risk is now ranked as the number one business risk globally, well ahead of risks such as supply chain disruptions, natural catastrophes, changes in legislation, and other macroeconomic factors.

Insights from three leading insurance providers, Allianz, Coalition and Netdiligence, offer a clear understanding of the evolving threat landscape:

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