Cyber for Plan Sponsors

COVID-19’s Effect on the Data Breach Terrain


The coronavirus pandemic is compelling businesses across all industries to incorporate new and improved cybersecurity measures into their daily activities. A three-month examination from Teiss, a cybersecurity hub, reports that new threats are emerging faster than ever before. In its study, many data breaches were identified as having a direct correlation to the COVID-19 pandemic. The report found that hackers thrive off of incidents like human error and insufficient credentials, and playing on emotions.

According to the cybersecurity hub Norton, a data breach is a “security incident whereby information is accessed without authorization.” Did you know that not all data breaches are deliberate? There have been cases where staff accidentally expose company information on the Internet. However, intentional or not, data breaches have lasting consequences for companies. To keep hackers at bay, companies are advised to strengthen their cybersecurity techniques to guide them through these rough digital waters. Identifying solutions and managing security services are counted as top priorities for companies.

At Colonial Surety Company, we never want your company to be unprepared if a cyber-breach occurs. That’s why we have Cyber Liability Insurance for plan sponsors! Cyber Liability Insurance protects plans in the event of a covered claim or breach, and protects the company as well.   Our Cyber Liability Insurance only comes in our two-to-three-year ERISA bond packages, which include ERISA coverage, Fiduciary Liability Insurance, and Cyber Liability Insurance, to give you the best value of insurance coverage you can’t get anywhere else! Click here to get started,