Cyber for Plan Sponsors

Survey: 83% of Organizations Have Had a Data Breach


According to a survey of over 1,000 United States companies conducted by Opinion Matters, 83% of surveyed companies have experienced some sort of accidental data breach. More exposure occurred through employees accidentally exposing data through personal email than through company email providers.

Exposure occurred through methods such as employees sending emails to an unintended address, forwarding private information unintentionally, and accidentally sharing attachments with private information. Egress, the sponsor of the study, cited unstructured data and an increasing number of communication methods for employees as large reasons for the growth in data breaches. Click here to read more about the survey.

Companies have to take precautionary measures to try to prevent or limit cyber attacks. But when employees and companies are exposed to cyber attacks and data breach through actions such as accidentally forwarding private information through email, what can you really do to prevent these attacks? The only surefire way to make sure you and your company are protected from cyber attacks and data breaches is with Cyber Liability Insurance.

Where can I easily purchase cyber liability insurance to protect my company and retirement plan?

Colonial Surety includes cyber liability insurance with our ERISA fidelity bond packages with fiduciary liability insurance to best protect your company and 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.

Ongoing governance and evaluation of recordkeepers can help protect data, but the only way to fully protect against a potential cyber attack’s data breach is to purchase cyber liability insurance from Colonial Surety Company.