What role does cyber insurance play in cybersecurity risk management?

Cyber insurance can contribute to a comprehensive cybersecurity risk management strategy by providing financial protection in case of a cyber incident. It can help cover costs associated with data breaches, like forensic investigations, legal fees, customer notification, and possible lawsuits. Additionally, having cyber insurance in place can encourage organizations to implement robust cybersecurity measures and best practices to reduce the likelihood of an incident, hence enhancing overall risk management efforts. It can also provide access to expert resources and support to effectively respond to and recover from cyber incidents.