Conventional wisdom holds that any business that uses computers to operate or store information — and that's pretty much every business operating today — is at risk of experiencing a cyberattack.

That thinking may be doubly true given that human error precipitates more than eight out of ten cybercrimes, according to Stanford University research.

So it follows that if a business uses computers, and there are people running those computers, a breach will happen. Three out of four companies in the U.S. risked a cyberattack in 2023, according to Statista.

Once a breach occurs, it can be costly. IBM reports that the average data breach in 2024 will cost a company $4.88 billion, and a "megabreach" will cost many times more than that. Some of the expenses contributing to breach recovery costs include: |

• Discovery time
• Forensic investigations
• Client communications
• Records recovery
• Staff retraining
• Legal expenses
• Fresh security measures

Meanwhile, cybersecurity is one of the issues that keep today's CFOs awake at night, according to the Travelers 2024 CFO Study. Roughly one out of four CFOs interviewed by Travelers reported that cybersecurity was among their top 10 business concerns.

With all of this in mind, it would seem that cyber insurance is an easy sell. But some businesses are bigger targets than others. For them, a bespoke cyber liability policy that takes into account their distinct assets and threats, and layers in additional insurance protections as needed, is the best solution.

The slideshow above illustrates seven types of businesses that are typical customers for one such bespoke insurance product: Zurich's Pro Plus® Professional Liability Insurance, a cybersecurity protection that may include Errors and Omissions (E&O) insurance and Security and Privacy (S&P) protection. This type of insurance product, "lets customers choose the solutions that best fit their needs."

Related: |

• U.S. states most at risk of cyberattacks
• 5 Steps business leaders can take to shore up insurance exposures
• 5 Factors impacting cyber insurance claims