Manufacturing is one of the biggest blue collar industries in the United States, but with technology making manufacturing processes more and more efficient and processes having to be expertly and exactly tracked by computer systems that store the process data, cyber attacks and data breaches are becoming a larger and larger threat.
According to the 2019 Sikich Manufacturing and Distributing Report, half of the companies surveyed said they suffered a data breach or cyber attack on their computer systems or networks within the last 12 months. With companies using detailed and advanced analytical procedures to streamline the manufacturing process to make it more efficient, more sensitive data is needed to be stored on these systems, making these companies bigger and more likely targets.
With the large number of cyber attack attempts coming for manufacturing companies, it is only a matter of time before one is successful. Once that happens, you have to be able to manage and contain the breach to avoid much larger and extensive damages. If you do not, your company could easily lose money, it’s business and reputation that it goes out of business.
How can you manage and contain data breaches? Cyber liability insurance!
Colonial Surety offers an included cyber liability insurance endorsement for our ERISA fidelity bond packages with fiduciary liability insurance to best protect your 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.