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Data security is frequently an issue of critical importance in commercial contracts between both public and private sector customers and their respective suppliers.
Managing data security obligations in commercial transactions usually requires both the customer and supplier to allocate appropriate personnel and IT systems, develop contract management manuals, and implement a range of operational processes.
Cybersecurity insurance provides an organisation with the ability to insure itself against certain cybersecurity risks. By obtaining cybersecurity insurance, an organisation seeks to transfer the risk of financial loss associated with a cybersecurity incident to the insurer.