Managing and containing a data breach is not something a normal business person knows how to do. Cyber attackers are more sophisticated than ever and are going to stay a step ahead of a layman on having their breach detected, much less contained. And the longer a breach goes on, the more sensitive information, data, and funds are able to be stolen by hackers. So what can you do?
You have to call in the professionals. There are data breach and cyber attack specialists whose jobs involve containing and halting data breaches every day. When you look at step by step guides to recover after a data breach, isolating the infection and identifying vulnerabilities are not something a regular person or even IT specialist is particularly adept at doing, especially if they were already hacked in the first place.
With cyber liability insurance, you will guarantee yourself protection and the ability to call on professionals to help contain and manage a data breach. Data breaches are almost impossible to stop, but with cyber liability insurance, you can contain the damage and your business can recover.
Where can you purchase instant 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.
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.