You may think that a cyber attack only affects information stored directly by your company. You may have done the math and figure that you could withstand that attack. Many small businesses can’t, but maybe you can. Maybe. But cyber attacks have a tendency of spreading out beyond that initial attacking radius and can impact areas far beyond your company’s control with you and your business being held responsible.
According to one scientist, cyber attacks can be as far reaching as impacting things like traffic lights and have shut down major power grids in countries like the Ukraine. The information cyber attackers steal from your organization might be used to access a more devastating area that could impact millions. Water treatment plans have been impacted as have oil and gas pipelines.
These areas may not be directly linked to you and your business, but if the information stolen from your business aids hackers in gaining access to those areas and causing untold amounts of damage, you and your business could be in danger.
Purchase Cyber 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. Contact us today to learn more about Cyber Liability Insurance.