Cyber

90% of All Data Breaches Hurt Small Businesses

06/17/2019

Your small business does not have to store sensitive data to be part of a data breach. Giant companies like Sony and Equifax may be the ones who have that sensitive data such as credit card numbers that is stolen by hackers. Those credit card numbers can then be used at small businesses with less credit card fraud protection and defenses. That is how 90% of all data breaches end up affecting and hurting small businesses.

It is very hard for small businesses to detect that a data breach has occurred. Third parties often are the ones that are able to see a rise in fraud and where the stolen information was used. That is why it is important for all small businesses to have cyber liability insurance that provides a third party group of cyber professionals who can aid a small business in identifying and containing a data breach or cyber attack.

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.