You have purchased a new insurance policy as part of your risk strategy.

 Definition of Risk Transfer:

Purchasing insurance shifts the financial impact of specific risks to a third party. This is a clear example of risk transfer.

 Use of Insurance Policies:

By using insurance, organizations manage the cost implications of risks rather than directly addressing the root causes.

 Supporting Reference:

CCISO training defines risk transfer as a financial risk management strategy, enabling organizations to handle catastrophic events without direct financial exposure.