The popular idea of a cyber attack or data breach usually involves a hacker breaking into a computer system. But that is usually not the case. There are a multitude of methods used by cyber attackers to gain access to your personal and sensitive data.
Sure, 52% of data breaches are done through hacking, but 33% are done through social methods while 28% involve malware. Fifteen percent were caused by misuse by authorized internal system users. There were even physical actions in 4% of data breaches.
While over half did involve hacking, nearly half did not. This just shows how many fronts that you have to pay attention to effectively defend against all cyber attacks but it can be almost impossible to fully guard against all cyber threats. The way to best protect your company is to ensure that you can contain and manage a breach before it gets out of control and affects more people.
How can you best protect manage and contain cyber attacks? 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.