Cyber for Plan Sponsors

Over a Third of Cyber Attacks Come From the Inside


You can install all the top of the line, cutting edge cyber defenses you want, but if your attackers are coming from the inside and already have access to your system, how well can you really defend against them?

According to Verizon’s 2019 Data Breach Investigations Report, 34% of cyber attacks involved internal actors. These are likely people who have or had access to your company or business’ system already and know how to get around your existing cyber defenses. They have likely done their homework on what kinds of cyber defenses are in place and how they can get around them before they perpetrate their attack.

In these cases, often all you and your company can do is hope to contain and manage a data breach, should it occur.

How can you protect manage and contain cyber attacks from internal actors? Cyber liability insurance!

Colonial Surety offers an included cyber liability insurance endorsement for our ERISA fidelity bond packages with fiduciary liability insurance to best protect your plan against a cyber attack.

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.