Cyber

More State Governments Are Investing in Cyber Insurance

02.22.2020

As the threat of cyber-breaches continues to climb, so do the number of establishments adopting cyber-security measures. In 2019, roughly half of state governments across the United States protected their business from impending cyber-attacks with cyber insurance. Nonprofit issuers of tax-exempt bonds and local governments are also purchasing cyber insurance to guarantee their continuity of operations. These digital initiatives are pulsing across the nation, with more and more state government taking cyber threats seriously. In 2011, Montana became the first state to purchase a cyber security insurance policy. Across the state, Georgia has upheld policies with myriad carriers for all three branches of state government, including higher education and K-12 education.

Cyber liability insurance is an insurance policy for instances of a malicious cyber-attack, a data breach, or other cyber-security incidents. The policy helps business leaders fruitfully manage data breaches while reducing liability for the company. With Colonial Surety’s cyber liability insurance policy, plan sponsors get access to a plethora of diverse breach response tactics, like legal services, computer expert services, public relations and crisis management expenses, call center services, customer notification services, and breach resolution and mitigation services. With our liability coverage, we indemnify and shield plan sponsors from covered lawsuits like unauthorized disclosure of personally identifiable information, failure of computer security to avert a security breach, and violations of privacy law. Plan sponsors also have access to online extensive educational materials on topics like data breaches, loss control, cyber-attacks, and risk management.

Stay Protected with Cyber Liability Insurance

Colonial Surety includes cyber liability insurance and fiduciary liability insurance with our two to three year ERISA fidelity bond packages to best protect your company. Our packages deliver up to $1,000,000 of fiduciary liability insurance coverage while ensuring maximum protection and overall costs savings while making sure your bond is U.S. Department of Labor compliant. Contact us today to learn more about cyber liability insurance and discover which ERISA bond package is best suited for your company.