What would be an example of an organization transferring the risks associated with a data...

Risk transfer involves shifting the potential negative consequences of a risk to a third party. By purchasing insurance, an organization transfers the financial risk associated with a data breach to the insurance company. This is a common practice to mitigate the impact of data breaches.

References:

IAPP CIPT Study Guide: Risk Management and Data Breaches.

IAPP Certified Information Privacy Technologist (CIPT) Handbook: Section on Risk Management.