Your company computer may have an anti-virus program installed on it, but if you think that’s enough to prevent your retirement plan from succumbing to cyber attacks and data breaches, you have another thing coming.
Viruses and malware are constantly evolving specifically in order to be undetectable by anti-virus programs. Once a virus is discovered and its signature cataloged, it becomes detectable by new anti-virus software, but by then hackers are creating something new to get around anti-virus programs once again.
Even companies as large and powerful as Sony could not detect the malware present on their computer system until it was too late, and their data was stolen and wiped.
It’s very possible that any precaution you take to prevent a breach just won’t be enough. There are too many new and more dangerous viruses out there that haven’t yet been discovered. This has been the pattern for viruses and their attacks for over 25 years at this point. New ones are created, they steal data, and then they are detected. Once that happens, new viruses are created to get around the detectable signatures by anti-virus software.
That’s why there’s only one surefire way to protect you and your company in the event of a cyber attack or data breach: cyber liability insurance.
Where can I easily purchase cyber liability insurance to protect my company and retirement plan?
Colonial Surety includes cyber liability insurance with our ERISA fidelity bond packages with fiduciary liability insurance to best protect your company and 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.