Many of us have started paying increased attention to cybersecurity at work and at home. Experts advise that we are nowhere near done with data protection.
Disruption Opens More Possibilities for Criminals
The space between work and home has become more and more intertwined. With so many of us now accessing work and personal data “from anywhere,” cybercriminals have more to access too. In fact, the forecast for 2021 is for cybercrimes targeting remote workers to continue as a major threat. As reported by JD SUPRA:
More organized and sophisticated cyber attacks will target remote environments.
Just as workforces and educational systems have adapted to function in a remote setting, cyber actors have evolved their tactics in response. Cybercriminals are exploiting vulnerabilities that accompanied the shift to a work-from-home environment, often capitalizing on nonexistent security controls on home networks, or lax cybersecurity awareness by users operating outside their normal environment. The success cyber actors experienced in leveraging this “new normal” suggests that targeting and attacking remote workers and learners will become more organized and sophisticated.
As you head into 2021, remember to protect your retirement plan—and yourself as a fiduciary. Start the year off with Colonial Surety Company’s unique, full-service solution for plan sponsors. It’s easy and fast to 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.
Acceleration Creates New Cyber Risks
Keeping up with the adoption of 5G will give us new cybersecurity challenges:
All major smartphone manufacturers have now launched 5G devices. As network infrastructure also quickly develops, consumers will adopt this technology en masse. This new platform will need a higher level of complex security as it will revolutionize not only telecommunications but other technological advancements such as smart cities, defense facilities, and intelligent power grids. In its current state, with a lack of security infrastructure, hackers will attempt to detect blind spots and steal vital information or try large-scale DDoS attacks on a network of connected devices, which could in turn cause an entire network to crash.
Speed Up Your Response Time
Clearly, being prepared to respond to cyber crime is an important part of your security plan. Team up today with Colonial Surety Company—and you’ll have experts at the ready in the event of a breach exposing the valuable data in your company’s retirement plan. Just choose one of Colonial’s affordable, ERISA bond coverage packages and include the Cyber Liability coverage.
With this, in the event of a data breach to your retirement plan, you will receive:
- Breach resolution and mitigation services
- Computer expert services
- Legal services
- Public relations and crisis management expertise
- Customer notification and call center services.
When you choose your package, don’t forget to also 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.