Consortium of Leading Cyber Technology and Insurance Providers Announce the Launch of SafeHouseInitiative.org
January 17, 2023
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This is a companion blog to the “The SafeHouse” podcast dated February 18, 2025.
Welcome to an insightful discussion on the origins and evolution of cyber insurance and risk management. Today, we have the pleasure of hearing from Matt Cullina, the head of TransUnion’s Global Cyber Insurance Group. Matt’s journey from a history major to a leader in the cyber insurance space offers a unique perspective on how our understanding of risk has transformed over the years. Listen to the original podcast here: https://safehouseinitiative.org/origins-cybersecurity-and-beyond-with-matthew-cullina-part-1/
Matt shares, “My journey has been quite interesting to get to here. I’ve been with TransUnion since an acquisition in 2021, prior to which I was with a company called CyberScout.” His background in the insurance world laid the foundation for his current role, where he delves into the complexities of cyber risks.
Matt emphasizes the importance of understanding the origins of words and concepts in risk management. “It all comes down to really getting to the root of all things and understanding where the risk lies.” This exploration of origins helps demystify modern concepts, especially in a rapidly changing digital landscape.
During the early 2000s, Matt was involved in researching identity theft, which was emerging as a significant threat. “Identity theft was the fastest-growing white-collar crime at that time,” he explains. The federal government responded by updating laws to provide victim support, establishing a framework for addressing these crimes.
Matt delves into the etymology of the word “crisis,” which has Greek origins meaning a decision point. “It signifies an inflection point where you have a situation happening and then there’s a crossroad,” he notes. This understanding of crisis is crucial in navigating today’s complex cyber threats.
When discussing the term “cyber,” Matt highlights its Greek roots meaning to steer. “It’s basically people’s control over machines,” he states. This concept is vital as it underscores the human element in technology and the importance of maintaining control in an age where technology evolves rapidly.
Matt reflects on how cyber risks have evolved, stating, “The risks have evolved crazily.” He recalls a time when scams were rudimentary, relying on methods like mail fraud and phone scams. “It just shows you how things have changed,” he emphasizes, noting that while tactics may have advanced, the fundamental nature of fraud remains consistent.
As artificial intelligence becomes more prevalent, Matt acknowledges the dual role it plays in enhancing security while also creating new risks. “We all have to be able to utilize those AI tools,” he advises. Ignoring these advancements can leave organizations vulnerable as threat actors also leverage AI to improve their tactics.
Matt takes us on a historical tour of insurance, tracing its roots back to ancient times. “Even in Hammurabi’s code, there’s a record of insurance for shipping for trade,” he notes. The Great Fire of London served as a pivotal moment for the insurance industry, leading to the mass adoption of property insurance as a protective measure against fire-related losses.
Transitioning to modern times, Matt discusses how cyber insurance emerged as a necessity for businesses dealing with intangible risks. “The early types of cyber insurance started out as errors and omission coverage,” he explains. With the advent of data breach laws, businesses began to recognize the need for specific coverage tailored to cyber risks.
As we conclude this first part of our discussion, Matt leaves us with a crucial reminder: “Cyber risks are fundamentally people problems, not just technological ones.” The need for continuous education and adaptation is paramount in staying ahead of cyber criminals.
Join us in the next part of this series as we continue to explore the evolving landscape of cyber insurance and risk management.
For more information on the SafeHouse Initiative and to learn how you can protect your business, visit safehouseinitiative.org.
