Small businesses are lucrative targets for cybercriminals. Maddeningly, they are even considered “low-hanging fruit.” That puts every business—and its retirement plan data—at risk of a breach. Are you ready?
Access To Money and Data
That’s what cybercriminals are looking for: money and data. While big government organizations and businesses are lucrative targets—breaching them takes a lot of effort. As Inc. explains:
Most hackers are opportunists. They’re interested in valuable targets, but they also optimize their practices to attack low-hanging fruit. Small businesses represent the best of both worlds. They have access to money and data, making them potentially lucrative targets, but at the same time, they tend to have much lower defenses.
Cybersecurity should be one of your highest priorities since a single breach could cost your company millions of dollars….Regardless of whether you “feel” like your small business is an active target of cybercriminals, the fact is that all small businesses face a relatively high risk of being targeted.
What’s Your Incident Response Strategy?
Experts have found that as few as 14% of small businesses are prepared to defend themselves in the event of a cyber breach—and, that 60% of businesses end up going out of business within 6 months of being victimized.
Small businesses do not have to go it alone in the face of a data breach. Colonial Surety Company offers affordable, Cyber Liability protection.
Colonial’s complete ERISA Bond Packages include both Cyber Liability and Fiduciary Liability protections. Armed with this coverage, you will not go it alone in the event of a data breach. Colonial’s Cyber Liability protection provides forensic and legal experts to identify what’s been comprised and coordinate the response. Call center support, credit and identity monitoring services and even public relations expertise are provided as needed. Liability protection in the event of covered lawsuits or regulatory actions due to a data breach is included too.
Think “When” Not “If”
Instead of hoping a cyber attack won’t happen at your company, assume it will and invest in a solid incident response plan. A breach does not spell disaster for your company—but mishandling it could. As CNBC has reported:
It’s guaranteed that virtually every modern organization’s high-tech perimeters will eventually be breached. This being the case, for small business owners, it’s no longer a matter of considering if security threats will arise, but rather thinking in terms of when.
As a retirement plan fiduciary, keep in mind that you could be personally named in a lawsuit if a plan participant sues for a fiduciary breach—including breaches associated with cybersecurity. Let Colonial Surety Company provide you with a comprehensive liability protection package, especially designed for plan sponsors. Packages include:
- 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.
Colonial Surety Company provides user-friendly, digital and direct service. You can easily and quickly purchase your bonds and related liability protections online—and instantly print or e-file them from your desktop—or anywhere.
Colonial Surety Company is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed and in business all across the country.