Cyber for Plan Sponsors

Cyber Attack Causes Another Business to Shut Down


Once again, a cyber attack has caused a previously flourishing company to shut down. Asco, a manufacturer of aircraft parts founded in Belgium but owned by U.S. company Spirit AeroSysterms, has shut down indefinitely following a cyber attack on the company’s servers.

The attack involved ransomware, in which the system was shut down until attackers were paid a requested amount to allow it to go back online. Experts are currently doing what they can to see how to resolve the situation, but until then, the company will be shut down.

How can you manage and contain data breaches while receiving coverage in case of a company shut down? 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.