Top cybersecurity establishments and law enforcement agencies are reporting a staggering 800% escalation in cyber-attacks since the birth of the COVID-19 cessation. Per MonsterCloud, cybercriminals are ramping up their hacking methods as more individuals are working remotely and shopping online to prepare for the prolonged shutdown. The FBI also recently noted that the amount of complaints on cyber-breaches is up to as many as an astounding 4,000 a day.
Cybercriminals are accessing systems using phishing or social engineering methods, boosting these illegal occurrences to 20,000 and 30,000 a day in the United States alone! Zohar Pinhasi, a cyber-counter-terrorism founder and expert of MonsterCloud, stated that “From those criminals’ perspectives, it’s heaven. They have stepped on a gold mine.” Ransomware attacks, where hackers hold your network or computer data hostage until a ransom is paid, has been seen on a level experts have not documented before.
“Cybercriminals also know that defined contribution (DC) plan sponsors and their vendors manage large amounts of money, and in so doing, collect highly sensitive personal data from plan participants and their beneficiaries, including names, addresses, birthdates, and Social Security numbers. This information is extremely valuable to hackers because most of it is permanently associated with an individual and can’t be changed or canceled like a credit card or bank account information.” Read more
At Colonial Surety Company, we never want your company to be unprepared in the event a cyber-breach occurs. That’s why we have Cyber Liability Insurance for plan sponsors! Our cyber protection covers both the company and the company’s retirement plan. Cyber Liability Insurance is available in our two-to-three-year ERISA bond packages, which include ERISA coverage, Fiduciary Liability Insurance, and Cyber Liability Insurance, to give you the best value of the coverage you can’t get anywhere else! Click here to get the coverage your company and its employees deserve.