If you’ve already been the victim of a data breach, you may be wondering if you should still obtain cyber liability insurance. Is there a chance cyber-terrorists could attack again? The answer is a strong yes, and this time, since they hitting a target they’re familiar with, it will be even easier to steal more of your valuable information.
Astro, the Malaysian satellite television provider, was the victim of a data breach for the second time in 18 months. Personal information such as gender, race, and date of birth was stolen in the most recent hack. Personal data was also stolen in June 2018 and put up for sale online. Hence, this occurrence proves hackers won’t stop just because they illegally obtain your data once. If anything, the familiar territory will encourage them to try again in some amount of time once your company acquires new customers and more data to steal. Hackers understand how to snatch your data if you don’t take effort to change anything and know what will happen once they get in. There are fewer dangers in hacking your company the second time; there are just fewer variables they’re unaware of.
Because of this, the only way to truly protect yourself from a cyber-attacker, even if they already hacked your system, is to obtain cyber liability insurance to protect your business and mitigate and contain any future data breach to minimize the damages.
Contain data breaches with Cyber Liability Insurance
Colonial Surety offers cyber liability insurance with our ERISA fidelity bond packages to protect your company plan against a data breach. our cyber insurance delivers a services-based resolution to assist plan sponsors successfully handle data breaches. Our dedicated cyber breach experts can help plan sponsors at every stage of incident investigation and breach response. Colonial Surety Company’s professionals organize the specialized attorneys and forensic mavens to understand what information was compromised, determine plan sponsor responsibility, and inform those who were affected by the cyber attack. What’s more, we can help manage PR advice as well as credit or identity monitoring to protection the plan sponsor’s reputation.
Our ERISA bond packages, which have ERISA fidelity bond coverage, fiduciary liability insurance, and cyber liability insurance, can shield your company and its employee benefit plan from serious harm to your brand and its assets. Contact us today to purchase our ERISA packages and cyber coverage.