New Jersey’s population is currently just under nine million. Over four million New Jersey accounts were affected by data and security breaches in 2017. How can you protect yourself?
There are some simple steps a plan sponsor or individual can take. For starters, avoid posting personal information on the internet; check “from” email addresses to make sure they are from the purported sender; enable multi-factor authentication; and only visit secure, verified websites. Click here to learn more.
But as cyber attackers keep innovating and creating new methods to stay ahead of the latest cyber protections, it is often impossible to fully prevent your information or information you store from being breached.
How can you protect yourself and respond to a data breach or cyber attack? Cyber liability insurance!
Under ERISA, fiduciaries may be held personally liable for a breach of their responsibilities in the administration or handling of employee benefit plans. Under ERISA 410, the plan cannot relieve you of this responsibility with indemnification language, however, it specifically permits persons with personal liability to purchase fiduciary liability insurance. Covering yourself with fiduciary liability insurance gives you a piece of mind that you are protected.
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.