Increasingly, business strategies are expanding from cybersecurity basics to the broader approach of cyber resilience. This is important for retirement plans too!
Preventing Threats—and Enabling Business Continuity Too
No matter how good the cybersecurity controls you have put in place for your retirement plan (and business) are, chances are still good that there will be data breaches. The more technology advances—and the more our lives are lived in cyber space—the more opportunities there are for cybercrime.
Though cybersecurity protocols for data remain critical, businesses are encouraged to think more comprehensively. As Infosecurity Magazine explains:
Current cybersecurity strategies tend to revolve around stopping potential threats from getting into your computing and communications infrastructure at all. To be successful, it requires that no employee ever click on a bad link, download the wrong file or work from an unsecured Wi-Fi network.
However, this approach is not realistic nor sufficient enough in today’s world, and impossible in our collective future. That is why business leaders need to rethink their cyber strategy to adapt to our constantly changing world.
In practice, the concept of cyber resilience is based on a bend-but-not-break philosophy. It understands that despite significant defensive investments and best efforts, cyber-criminals will occasionally get in. The cyber resilience approach is based on the premise that if you organize your defenses to prioritize resiliency over just computer security, you keep what’s most important going — your business.
Be Prepared To Respond to Security Breaches
Fundamental to cyber resilience is having the capacity to quickly and comprehensively respond to and remediate data breaches when they occur. Swift, expert response significantly reduces the impact—and cost—of the data breach.
To help plan sponsors be prepared in the event of a breach involving retirement plan data, Colonial Surety Company provides a unique, full-service solution. At Colonial, plan sponsors can 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 coverageto protect you and your assets from personal liability.
In the event of retirement plan, data breach, plan sponsors with Colonial Surety Company’s Cyber Liability Coverage receive:
- Breach resolution and mitigation services
- Computer expert services
- Legal services
- Public relations and crisis management expenses
- Customer notification and call center services.
Saving Time Saves Money
Can you picture finding out there has been a data breach—even a seemingly “small” one to your retirement plan data? What’s your path to resolution? Who will you call for expertise to resolve it?
Accenture has released it’s third-annual report on “the state of cyber resilience,” emphasizing:
The cyber-resilient business brings together the capabilities of cybersecurity, business continuity and enterprise resilience. It applies fluid security strategies to respond quickly to threats, so it can minimize the damage and continue to operate under attack. As a result, the cyber-resilient business can introduce innovative offerings and business models securely, strengthen customer trust, and grow with confidence.
When companies are unprepared for cyber breaches, resolution can take over a month —causing significant disruption across the entire business. Accenture has found that companies prepared for data breaches greatly reduce resolution time, while also minimizing disruption of the business.
Experts recommend obtaining Cyber Liability coverage as an important step toward increased resiliency. Plan sponsors can take advantage of Colonial Surety Company’s user-friendly, digital and direct service. You can easily and quickly purchase your bonds and related insurance coverage online—and print or e-file them from your desktop—or anywhere.
When you choose your ERISA bond package with Cyber Liability coverage, don’t forget to include Fiduciary Liability insurance to protect yourself 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.