Over half of small to medium sized business executives recently declared that suffering a major data breach is more of a threat to their business than a flood, fire, strike, or physical break in to their offices, according to the AppRiver Cyberthreat Index for Business Survey. That figure jumps to 66% when looking solely at businesses with 150 to 250 employees. They fear a breach more than a non-cyber threats.
Nearly half, 48%, of small to medium sized businesses said that a major data breach would likely permanently shut down their business. That figure rises to 71% when looking just at financial services and insurance based small to medium sized businesses.
These attacks can come from ex-employees, other countries, competitors, or rogue hackers.
You can manage and contain data breaches with cyber liability insurance!
Colonial Surety includes cyber liability insurance with our ERISA fidelity bond packages with fiduciary liability insurance to best protect your company plan against a cyber attack.
Colonial’s cyber insurance provides a services-based solution to help plan sponsors manage data breaches successfully. These services include a dedicated team of cyber breach professionals who assist plan sponsors at every stage of incident investigation and breach response. These professionals coordinate the carefully vetted forensics experts and specialized lawyers to help plan sponsors establish what’s been compromised; assess plan sponsor responsibility; and, notify those individuals affected. In addition, these services will also coordinate credit or identity monitoring, and PR advice to help the plan sponsor safeguard its reputation. Of course, Colonial’s cyber insurance also indemnifies and defends plan sponsors from covered lawsuits or regulatory actions, the risk of which may be reduced by a well-coordinated breach response, but can never be completely eliminated.
Ongoing governance and evaluation of recordkeepers can help protect data, but the only way to fully protect against a potential cyber attack’s data breach is to purchase cyber liability insurance from Colonial Surety Company.