It is commonly understood that data breaches are emerging at a more rapid pace due to the high volume of people working from home and shopping online. Therefore, your company’s response time towards a cyber-breach can be the deciding factor between forgoing your valuable information or preserving it. In today’s age of digital word-of-mouth, the hours trailing a data breach can either make or break your company’s reputation and the ability to properly respond to the cyber-breach.
Attributable to social media, digital infractions can go viral in seconds. Consequently, companies must swiftly pounce on brand disasters before a global outcry kindles. Wrestling cyber-attacks quickly can help businesses control reputational risk, recapture lost data, and conduct a coordinated response to third parties, affected customers, and regulators. What’s more, piloting the narrative of the data-breaches is vital to companies, as misinformation spreads promptly in this day and age. Hence, businesses must address any negative news hoovering over the company as soon as possible.
In order for companies to navigate the digital landscape and all of its cyber-risks, it is crucial for plan sponsors to prepare for the unexpected by investing in smart cybersecurity protection like Cyber Liability Insurance from Colonial Surety Company. Our Cyber Liability Insurance provides your company and its retirement plan with defense in the event of a cyber-breach. Our service-based solution can help your company respond to data breaches while reducing liability for your employee benefit plan. Our experts guide you through each stage of incident investigation and breach response following a data breach. We defend and indemnify plan sponsors from covered plan participant lawsuits. Cyber Liability Insurance is available in our two-to-three-year ERISA bond packages, including ERISA coverage, Fiduciary Liability Insurance, and Cyber Liability Insurance, to give you the best value of coverage! Click here to get the coverage your company and its employees deserve.