Identity theft has been on the rise—and that means plan sponsors have to up their cybersecurity efforts.
According to AARP:
Identity theft occurs when someone obtains someone else’s personal information, such as a Social Security number, home address, date of birth or bank account data, and uses it for fraud or other illicit purposes. The Federal Trade Commission (FTC) recorded more than 650,000 complaints of identity theft in 2019, a 46 percent increase from the previous year, with victims collectively losing $667 million.
Protecting Benefit and Retirement Plan Data
When analyzing the safety of your company’s data, don’t overlook the obvious: your benefit and retirement plans contain identity information that is of very high worth to thieves and scammers, such as:
- Birth dates
- Social security numbers
- Banking information
- Contact information
Special Considerations In Small Businesses
Business News Daily cautions:
As a small business owner, it may be easy to brush off cybercrime as an enterprise problem – why would criminals target small operations? Yet, small businesses are often the easiest targets for cybercriminals because they’re the most vulnerable.
Begin ratcheting up your cybersecurity efforts by addressing the fundamentals of good practice. Business News Daily emphasizes these:
- Know where your sensitive data is stored
- Restrict access
- Invest in protecting the data—the more it is worth, the more you need to invest.
Secure An Expert Partner Too!
The right partner can help plan sponsors mitigate cybersecurity risks—and provide well-coordinated breach responses should they occur.
Colonial Surety Company offers small businesses innovative, comprehensive, service-based solutions. Our Cyber Liability coverage is designed to help small businesses quickly and effectively respond to data breaches and guard against legal action.
Colonial Surety Company defends and indemnifies plan sponsors from covered lawsuits, including liability coverage for:
- Violations of privacy law
- Unauthorized disclosure of personally identifiable information
- Failure of computer security to prevent a security breach
Get started right here, right now—because Colonial Surety Company is direct to consumer, the digital insurance provider. Get cyber liability insurance included with our ERISA packages, now.
What If There Is a Breach of Your Plan’s Data?
With Cyber Liability coverage from Colonial Surety Company, benefit plan sponsors also get services from forensic, legal, technology and customer care experts. In the event of a data breach you will receive:
- Breach resolution and mitigation services
- Computer expert services
- Legal services
- Public relations and crisis management expenses
- Customer notification and call center services
Take A Comprehensive Approach—Colonial Does!
Licensed in all 50 states and US territories, Colonial Surety Company provides plan sponsors with federally mandated ERISA bonds to protect plans. But we don’t stop there. Our unique packages arm plan sponsors with fiduciary liability coverage for themselves.
ERISA Bonds, Fiduciary and Cyber Liability coverage—all direct to you at Colonial Surety Company.