ABSTRACT: The evolution of the Digital Age introduces business organizations to the security risks and threats that the Internet and other modern technological innovations have created. Tech-nology is advancing rapidly, where the ability of a business to control and mitigate all security risks is almost impossible. Cyberattacks are becoming more sophisticated, and organized crimes, in many cases, are fully automated by using intelligent tools to launch an attack. The big question is how business organizations will respond to such a complex and changing set of cybersecurity risks. Cybersecurity has become an essential concern as enterprise management should develop a plan to reduce the risk even when a disaster hap-pens. This research assumed that cyber insurance could be convenient for addressing such a problem. To confirm this assumption, a measurement instrument was carefully designed to research and examine the impact of cyber risk insurance on reducing cybersecurity risks to an acceptable level. The method used for data collection was qualitative and quantita-tive. The quantitative part was a questionnaire survey with a closed-ended question, and the qualitative part was semi- structured interviews with high-level business managers. Both techniques were used in the analysis, and as a result, the main work of this research was editing the risk model and adding cyber insurance to it to come up with a unique model that has cyber insurance in the plan of mitigating security risks. If the data analysis shows that using the proposed model can help an organization be financially stable, it should adopt the proposed model. As the number of vulnerabilities increases due to a large number of applications and devices used, the business organization needs to ensure they will not suf-fer from uncertain financial losses that may prevent the ability to continue functioning, so cyber insurance can be a powerful tool to ensure the continuity of the business.