Retirement plans are becoming more and more vulnerable to cyber attacks as the number of attacks and methods of breach increase. But what exactly is a data breach and what are cyber attackers after?
Data breaches, in a nutshell, are a theft of protected information. That protected information can include Social Security numbers, bank account or routing numbers, names, passwords, or anything similar.
Breaches can occur through malicious cyber attacks or through an employee posting protected information on the internet. There are many other ways these breaches can occur. Click here to learn more.
How can you protect yourself and respond to all these different types of data breaches? 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.