2020 was a great year—for cybercriminals. Security experts predict this unfortunate trend will continue and suggest priorities for our attention.
Home Environments: Not As Secure As Corporate Networks
At Ernst and Young, an expert warns that large-scale cyber attacks on corporate systems, via the remote workforce, are the next wave, noting:
If attackers target data center or enterprise employees working from home, they can come in through the weakest points….Family members are logging in to their company or school networks or using the internet for entertainment. There are no enterprise-grade firewalls and plenty of connected consumer devices that may be a lot less secure than an enterprise security manager would be comfortable with. Employees commonly access their enterprise systems with a VPN, using traditional login credentials.
Plan sponsors: consider the paths to sensitive data—like retirement account information— that might be opened to cybercriminals as remote employees access the company’s enterprise systems remotely. Then too, how are beneficiaries accessing information? Even as you work with your IT team to step up security efforts, act also to ensure a swift and expert response in the event of a breach.
Let Colonial Surety Company help you with a unique, full-service coverage solution. Select an affordable package and obtain:
- The ERISA bond required to protect the assets of the retirement plan from theft;
- Cyber Liability coverage to safeguard your company and plan from covered losses and expenses in the event of a cyber breach; and,
- Fiduciary Liability coverage to protect you and your assets from personal liability.
In the event of a retirement plan data breach, plan sponsors with Colonial’s Cyber Liability coverage receive:
- Breach resolution and mitigation services
- Computer expert services
- Legal services
- Public relations and crisis management expenses
- Customer notification and call center services.
Looking Ahead: 5G Presents New Security Threats
As 5G becomes widely available, more opportunities will be created for cyber criminals. In fact, as Data Center reminds us:
Criminals are sitting on piles of money they can invest in improving their attack technologies and infrastructure….
In other words, the need for increased investment in cyber security measures and coverage is here to stay. Take action today. Come to Colonial Surety Company for user-friendly, digital and direct service for your coverage needs.
When you choose your ERISA bond package with Cyber Liability coverage, you can even include Fiduciary Liability insurance to protect yourself from covered acts as the plan sponsor. Colonial’s comprehensive ERISA bond packages offer up to $1,000,000 of fiduciary liability insurance coverage and provide the greatest protection and overall cost savings.
A leader in the field, Colonial Surety Company is U.S. Treasury listed, rated “A Excellent” by A.M. Best Company, and, licensed for business everywhere in the USA.