Purchasing cybersecurity insurance would be considered which of the following risk management techniques? a. Mitigation b. Share or Transfer c. Acceptance d. Avoidance

B) Share or Transfer

Explanation:

A transfer of risk, considered the underlying tenet of insurance transactions, is a risk management technique where risk shifts from one party to another. Risks may transfer between individuals, from individuals to insurance companies, or from insurers to reinsurers. For example, when a person purchases home insurance, they are paying an insurance company to assume the risks associated with homeownership.

Cybersecurity refers to the technologies, processes and practices designed to protection an organization's intellectual property, customer data and other sensitive information from unauthorized access by cyber criminals. The frequency and severity of cybercrime is on the rise and there is a significant need for improved cybersecurity risk management as part of every organization's enterprise risk profile.  

Regardless of your organization's risk appetite, you need to include cybersecurity planning as part of your enterprise risk management process and ordinary business operations. It's one of the top risks to any business.

b. Share or Transfer

Explanation:  

Risk Mitigation is basically a technique to reduce the unavoidable risks. So this is not a correct option.

Risk Acceptance is the technique to retain or accept a risk because the cost of loss caused by a potential risk is less than the cost of the profit being produced. So the organizations retain that level of risk so this is not a correct option either.

Risk Avoidance is avoiding the identified risk in order to control the risk and avoiding any such activity that might lead to cause any risk. So this is not a correct option either.

Transfer of risk is the technique in which the insurance is purchased. This is basically a process of transferring the risk to some third party such as an insurance company by paying it for providing protection from significant financial damage. So b is a correct option.