Retirement plans contain sensitive—and valuable information. In addition to securing it, you must be ready to respond to breaches. Who are the experts on your team?
What’s On Your Company’s Inventory of Sensitive Data?
When your company assesses security risks in this era of rising cybercrimes, don’t forget your benefit plans! With so much on our minds, it is easy to lose sight of the obvious: retirement plans are full of personal information and access to money—two things cybercriminals find worthwhile to go after.
In addition to protecting data, experts advise proactively putting a response team in place, so that you can quickly and effectively respond to a breach. Risk & Compliance offers this guidance about the depth of expertise needed on a response team:
A company must prepare for an emergency. Even with best in class defense measures, it must expect a successful cyber attack.
Once under attack, the company’s incident response team must act immediately. This team should include representatives from IT, legal & compliance, HR, communications and the business unit affected by the attack, as well as senior management. It should also include external experts, including cyber forensic experts and lawyers.
The team must initially assess the severity and impact of the cyber incident and take immediate action to minimize damage from a technical as well as reputational perspective. Business continuity must be ensured on short notice.
Teamwork: Experts On Tap
Who is on your response team? Do you have all the right experts at the ready to assist you with the swift and comprehensive response necessary to reduce the impact—and cost—of a data breach to your retirement plan?
Team up today with Colonial Surety Company—and you’ll have experts at the ready. Just choose one of Colonial’s affordable, ERISA bond coverage packages for your plan and include the Cyber Liability coverage. Then, in the event of a data breach to your retirement plan, receive:
- Breach resolution and mitigation services
- Computer expert services
- Legal services
- Public relations and crisis management expertise
- Customer notification and call center services.
Why Go It Alone?
When you look at your to-do list and schedule, do you see yourself becoming an expert in cybersecurity and data breach response management—instantly? Given the proliferation and sophistication of cybercrime, why go it alone in figuring out how to defend against—and potentially navigate— a breach?
Let Colonial Surety Company help you with our unique, full-service solution for plan sponsors: select an affordable coverage package that includes:
- TheERISA 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’s user-friendly, digital and direct service. You can easily and quickly purchase your bonds and related insurance coverage online—and instantly print or e-file them from your desktop—or anywhere.
When you choose your plan, don’t forget to protect yourself with Fiduciary Liability insurance. This protects you from covered acts as the plan sponsor. Colonial’s comprehensive ERISA bond packages offer up to $1,000,000 of fiduciary liability insurance coverage and provide the greatest protection and overall cost savings.
A leader in the field, Colonial Surety Company is U.S. Treasury listed, rated “A Excellent” by A.M. Best Company, and, licensed for business everywhere in the USA.