You may think that cyber attackers are only going to go after your current information. However, just as small businesses are targets because they do not protect data as well as large companies, older information can be targeted because it is not as well protected as newer information.
Invitation and social planning company Evite recently fell victim to having their older, inactive information stolen by cyber attackers. An inactive data storage file that contained user data created from 1998-2013 was stolen.
This just shows how you have to make sure all your data is protected from cyber attackers. They are happy to steal what you do not protect as well.
You can manage and contain data breaches with Colonial cyber liability insurance!
Colonial Surety includes cyber liability insurance with our ERISA fidelity bond packages with fiduciary liability insurance to best protect your company 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.