Transfer is the risk management principle that is accomplished by purchasing cyber insurance. Transfer is a strategy that involves shifting the risk or its consequences to another party, such as an insurance company, a vendor, or a partner. Transfer does not eliminate the risk, but it reduces the potential impact or liability of the risk for the original party. Cyber insurance is a type of insurance that covers the losses and damages resulting from cyberattacks, such as data breaches, ransomware, denial-of-service attacks, or network disruptions. Cyber insurance can help transfer the risk of cyber incidents by providing financial compensation, legal assistance, or recovery services to the insured party. Official References:
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