This is a form of risk transfer – specifically of financial loss – to another entity or organization for an uncertain loss. Typically, the insured entity pays a sum of money (a premium) to an insurer, who then contractually agrees to pay the entity a larger sum should a loss event occur, and nothing if a loss event does not occur. Forms of non-financial risk (NFR) insurance solutions have emerged over the past 20 years, including cyber insurance.

Popular resources

You may be interested in

New Generation Operational Risk Europe Summit 2023
March 9, 2023

Join us at the New Generation Operational Risk Europe Summit

British Bank Awards 2023
2 mins reading time

Vote for us as RegTech Partner of the Year in the British Bank Awards 2023

Discover more