Cyber for Plan Sponsors

What Is a Data Breach and How Can I Effectively Handle One?

08.17.2020

According to the cybersecurity hub Norton, a data breach is a “security incident whereby information is accessed without authorization.” It’s crucial to highlight that not all data breaches are deliberate! There have been cases where clumsy staff accidentally expose company information on the Internet. However, intentional or not, data breaches have lasting consequences for companies. Today, we’re concentrating on breaches with malicious intent behind them.

Regrettably, cybercrime is a booming, profitable industry. Attackers constantly amend and evolve their mischievous digital strategies to effectively swipe money, compromise identities, and make a name for themselves on the dark web. Cyber-breaches transpire for a multitude of reasons, including feeble passwords, targeted malware attacks, drive-by downloads, and piercing system vulnerabilities, physical loss or theft, payment card skimmers, miscellaneous errors, and many more.

With your digital treasures in the palm of their hands, hackers have a number of ways to exploit your information, including opening new credit cards, applying for government benefits, relishing in credit card rewards, filing a tax return and enjoying your tax refund, and funneling cash from your investment or banking accounts.

How can you prevent these distressing incidents from emerging? We recommend you establish a bullet-proof cybersecurity plan. This includes crafting complex passwords with uppercase and lowercase letters and special characters. What’s more, it helps to monitor your company’s transactions, regularly check your credit reports, utilize secure websites, and shred any vital documents no longer needed.

Sensitive information such as addresses, social security numbers, bank account information, and the like, are mouth-watering delicacies to ravenous cyber-criminals. When thoughtful cybersecurity measures are disregarded, plan sponsors who head employee benefit plans for their company are at risk of forfeiting these valuable items. At Colonial Surety Company, we never want your company to be unprepared in the event a cyber-breach occurs. That’s why we have Cyber Liability Insurance for plan sponsors! Our cyber protection covers both the company and the company’s retirement plan. Cyber Liability Insurance is available in our two-to-three-year ERISA bond packages, which include ERISA coverageFiduciary Liability Insurance, and Cyber Liability Insurance, to give you the best value of coverage you can’t get anywhere else! Click here to get the coverage your company and its employees deserve.