Cybersecurity

According to IBM, the average cost of a data breach in the U.S. is $9.44 million.

This is a first step toward a broader effort to curb ransom payments to hackers.

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.

National Cybersecurity Awareness Month is an opportune time to survey the year's biggest cyber breaches.

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