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The purchase of cyber insurance products by large corporations and multinational companies has significantly increased in recent years, driving the cyber security market growth. According to a recent Markets and Markets report, the global cyber insurance market is projected to grow at a CAGR of 11.4% during the forecast period of 2023-2028. While large corporations have benefitted, cyber insurance has left small and mid-sized businesses as an untapped market.
In this video, Matt Cullina, Head of Global Cyber at TransUnion, discusses how cyber insurance can become more mainstream and how insurers can develop comprehensive policies and solutions for micro, small, and mid-sized businesses. Cullina has over 25 years of experience in cyber services, insurance research, development, and claims management, with a rich background in the property casualty industry. He further shares insights into the challenges of the cyber insurance market, how these challenges created new opportunities for innovative products and solutions, how insurers can enhance their risk assessment methodologies, the various methods for reducing claim frequency, and more.
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