Cyber

Cyber Liability Insurance for Small Businesses

09.19.2020

Equifax! JP Morgan Chase! Capital One! Adobe…!

Large companies, including these, are responsible for the massive security breaches of the past decade—impacting the personal data of hundreds of millions of customers. These stories make the news—impacting all of us in one way or another—and scaring us too.

The harsh reality though, is that small businesses are much more likely to have to cope with cybersecurity matters on a routine basis—and generally have fewer resources to assist them in the process. Hacking, male ware, insider behavior, stolen or lost computers and employee error all contribute to the risk of data breaches confronting small businesses.

Special Cautions for Small Businesses

The Insurance Information Institute has extensively researched the dynamics of cybersecurity and small businesses. It’s 2017 report, Protecting Against #Cyberfail: Small Businesses and Cyber Insurance concluded :

  • Half of all SMBs in the U.S. experienced a data breach in the past year, and 55 percent experienced a cyberattack.
  • Nearly 40 percent of businesses have experienced a ransomware attack in the last year, and of these, more than one-third lost revenue.
  • Only 14 percent of small companies rated their ability to mitigate cyber risks, vulnerabilities, and attacks as highly effective.

As the Wall Street Journal cautions:

Being hacked not only can disrupt business, it also can be extremely costly and hurt a companys reputation. Businesses want to protect themselves against those losses. 

Cyber Liability Protection Especially For Small Businesses

Colonial Surety Company provides an innovative, service-based solution to help small businesses quickly and effectively respond to data breaches and guard against legal action. Colonial’s unique services and packaged coverage options will help your business successfully manage data breaches while minimizing liability for your company.

Get started right here, right now—because Colonial Surety Company is a direct to consumer, digital insurance provider—because our focus is to arm small businesses with the efficiency they need to succeed. Get protected now.

Services and Solutions for Plan Sponsors

In every business, those responsible for the benefit and retirement plans of employees are, by default, responsible for highly sensitive data—including, of course, social security numbers, birth dates, and other personal information.

As a leading provider of ERISA fidelity bonds, Colonial Surety Company can ensure your businesses retirement or benefit plan is U.S. Department of Labor compliant with ERISA bonding requirements. Packages arm plan sponsors with fiduciary liability coverage for themselves—and cyber liability insurance too.

Colonial Surety Company defends and indemnifies plan sponsors from covered lawsuits, including liability coverage for:

  • Violations of privacy law
  • Unauthorized disclosure of personally identifiable information
  • Failure of computer security to prevent a security breach

Colonial Surety Company is licensed in all 50 states and U.S. territories and makes it easy to obtain your fidelity bond, fiduciary liability and cyber liability coverage. You are just a few clicks away—really-it’s that easy

Nice To Know!

Who is training the next-gen of savvy cybersecurity experts for the work world?

Girl Scouts of the USA!

With a well-researched ladder of badges for girls from kindergarten-high school, Girl Scouts is teaching girls important current business skills including practicing the basics of privacy and online protection; taking the “byte out of crime” as an investigator; preventing a ransomware attack; and, learning cryptography and encryption. Read More