Risk transfer involves shifting the potential negative consequences of a risk to a third party. By purchasing insurance, an organization transfers the financial risk associated with a data breach to the insurance company. This is a common practice to mitigate the impact of data breaches.
References:
IAPP CIPT Study Guide: Risk Management and Data Breaches.
IAPP Certified Information Privacy Technologist (CIPT) Handbook: Section on Risk Management.
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