The 2019 Verizon Data Breach Investigation Report, which tracked 41,686 security incidents from 86 countries and 73 different data sources, including 2013 total data breaches, has been released and states that small businesses were the victim of 43% of all data breaches.
That’s particularly troubling for small plan sponsors, who don’t have as much data to protect as larger companies and plans but also likely don’t have the same type of cybersecurity prevention measures and protections in place. Click here to learn more.
Plan sponsors may also not have proper threat detections in place to mitigate a data breach or cyber attack after it occurs. According to the report, 56% of data breaches took months to discover. That allows more damage to be done by hackers and lets them steal even more information. So how can plan sponsors mitigate these cyber attacks?
Plan Sponsors can contain and mitigate cyber attacks with Cyber Liability Insurance!
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. Contact us today to learn more about cyber liability insurance.