Cyber insurance protects businesses from the impact of cyber crimes such as data breaches. These policies mitigate costs associated with a cyberattack at your organization, which are not typically covered in commercial liability policies. For many SMOs, the cost of a data breach could be devastating. A recent IBM report notes that the average cost of a data breach totaled $4.35 million in 2022, marking a seven-year high. These costs, while much higher than what most SMOs would suffer, are indicators of the growing magnitude of cyberthreats.