Retirement plan participants and beneficiaries rely greatly upon plan sponsors to manage and protect plan assets for their benefit. But with cyber attacks and data breaches becoming more and more prevalent, a plan sponsor’s responsibility to protect plan assets is harder yet more important than ever.
According to the Ponemon Institute, 52% of cyber-attacks and data breaches are due to criminal attacks, but the other 48% are due to negligence and system issues. That means that there’s a lot a plan sponsor can do to fix a problem once it occurs and make sure it doesn’t happen again.
Breaches are becoming increasingly hard to prevent, but if you can respond promptly to an attack and mitigate any damage, you’ll be doing a great service for plan participants and beneficiaries.
Mitigate Data Breaches with Cyber Liability Insurance
Colonial Surety offers standalone Cyber Liability Insurance as well as 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. Contact us today to learn more about our cyber liability insurance.