Cyber risk is the risk arising from failures in technology. It is not necessarily a new phenomenon-cyber risk has existed as long as we have been using computer technology. Today, it is inextricably linked with the particular risks associated with cyber attacks and data breaches; however, the risks change as technology continues to develop. Despite this constant evolution of the cyber risk and insurance landscape, there are several fundamental principles which remain constant. Directors and officers, core members of response teams, insurance purchasers, risk managers, information technology and legal officers are well advised to approach the management of cyber risk as a team effort, an issue that needs to be tackled in a multi-functional way. This chapter covers elements of cyber risk management, incident response preparedness and cyber insurance. It is intended to highlight the difficult decisions which businesses, insurers and regulators must make to reduce and mitigate risk. This chapter acts as a useful conversation starter between insurers, brokers, policyholders and industry about various topics, and is a clear demonstration that when technology, law and insurance come together, this risk can be tackled in a holistic way.