It does not take a computer virus or public data mining for a cyber attacker to cause a data breach at your company. They can use your own systems against you to get what they want.
In today’s world, nearly every company has an intranet system and those systems are often connected to outside networks. This creates a large number of connections to a company’s system and a large number of connections at which you can hide data.
The larger the number of connections, the harder it is to determine which stored data is good and malicious. Hackers’ malicious data can be hidden in DNS queries, email, and file sharing sites among others. They can basically be anywhere your online system utilizes.
Even computer systems that are not connected to the internet can be hacked in this manner as long as there is an in-house network.
How can you protect your business from hackers? Cyber liability insurance!
While the ERISA fidelity bond is required to protect the participants of the plan, it does not, however, protect YOU and your company as the fiduciary.
Colonial Surety Company is a Treasury Listed surety company providing ERISA fidelity bonds packaged with fiduciary liability insurance and cyber liability insurance. Colonial is one of the leading providers of ERISA related products, offering bonds approved by the Dept. of Labor. We make it easy to obtain your bond instantly as well as allowing you to purchase retroactive insurance for the years the plan was not previously covered.
Under ERISA, fiduciaries may be held personally liable for breaches of their responsibilities in the administration or handling of employee benefit plans. Under ERISA 410, the plan cannot relieve you of this responsibility with indemnification language, however, it specifically permits persons with personal liability to purchase Fiduciary Liability Insurance. Covering yourself with Fiduciary Liability Insurance gives you peace of mind that you are protected. Learn how to bundle your ERISA bond and fiduciary liability insurance and cyber liability insurance for a discounted rate.
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.
If you would like to learn more about purchasing an ERISA fidelity bond, or an ERISA fidelity bond package including fiduciary liability insurance or cyber liability insurance, call 888-383-3313 or email ERISADept@colonialsurety.com. Learn more about becoming a Pension Professional Partner here.