When an organization buys cyber-insurance so that any financial loss from a data breach is covered by the insurer, which risk treatment strategy is it applying?
Mitigation (risk reduction)
Avoidance
Acceptance (risk retention)
Transference (risk sharing)
Purchasing insurance shifts the potential financial consequences of a security incident to a third party. This action exemplifies the risk transference (or sharing) strategy, where the organization pays another entity to assume part or all of the impact. Mitigation focuses on reducing likelihood or impact through controls, acceptance involves doing nothing beyond acknowledging the risk, and avoidance eliminates the risky activity altogether.
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