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Cyber threats and Cyber Security issues have become a major topic over the last decade and thus the market for cyber insurance is rapidly growing as well. The market for Cyber insurance products is already rapidly developing especially in the US with 90% of the market and only 5-9% in Europe (Marsh (2016)). Most studies and reports thus focus on the US market with not much focus on the EU market. In 2016, IAS (2016) defined the different events that could be classified as Cyber risks. A deeper understanding of Cyber risks as well as quantitative evaluations seem to be a core challenge for that market. The industry for Cyber insurance expects a gradual increase in demand for insurance, but most models are still qualitative and there is thus a need for quantitative models to estimate...
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