Cyber for Plan Sponsors

Protections Against Cyber Attacks & Data Breaches


Cyber attacks seem to happen every week these days. As those bigger companies beef up their cybersecurity to prevent hacks, cyber attackers are increasingly likely to go after the less protected companies which ends up being smaller companies. How can you protect yourself?

There are steps you can take to guard against cyber attacks and data breaches. You can shred documents, use secure websites using the https protocol, use secure methods for creating passwords, upgrade your operating systems to have the latest security patches, and frequently monitor financial accounts to contain a breach should it happen. Click here to learn more.

But as cyber attackers keep innovating and creating new methods to stay ahead of the latest cyber protections, it is often impossible to prevent a breach. The key is managing and containing a breach should it happen.

How can you protect yourself and respond to a data breach or cyber attack? Cyber Liability Insurance!

Colonial Surety offers cyber liability insurance in our ERISA fidelity bond packages with fiduciary liability insurance to best protect your 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.