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Assessing Different Levels of Time Retention for Business Interruption Coverage on Cyber Insurance

Lambech, Mats; Høglo, Kristoffer Sjur
Master thesis
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URI
https://hdl.handle.net/11250/2687623
Date
2020
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  • Master of Science [963]
Abstract
As a consequence of the digitalization in companies, cyber-related risk has

increased substantially. Cyber insurance has, therefore, emerged as a tool to

mitigate cyber risk. Cyber risk behaves differently compared to more traditional

risks such as business interruption and property damage. These are relatively

immobile, whereas cyber risk is fast-paced and has an inherent ability to

simultaneously impact multiple entities, as well as having the potential to cause

extensive damage in a short period of time, regardless of traditional limitations of

risk such as geographical location and being contingent on tangible assets. Elements

of traditional insurance policies, such as waiting periods and risk estimation, may

thus be inadequately adapted to cyber risk.

This thesis, therefore, explores the effect time retention, i.e., waiting period, have

on the expected utility of cyber insurance during a business interruption caused by

a cyber incident. Through in-depth interviews with industry professionals, and

analyzes of cyber policies, questionnaires, and underwriter guidelines, we

developed a model which derived the expected utility of cyber-related business

interruption coverage. The model was used to analyze and evaluate the current

conditions of cyber-related business interruption.

The findings from the model illustrate that cyber-related business interruption

coverage and current time retention levels for cyber insurance is neither welladjusted

nor suitable adapted to the present cyber risk exposure.
Description
Masteroppgave(MSc) in Master of Science in Business, Accounting and Business Control - Handelshøyskolen BI, 2020
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Handelshøyskolen BI

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