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.

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