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.