Cyber

Pension Industry Vulnerable to Cyber Attacks

05/30/2019

According to a new report from Moody’s Investors Service, some of the industries most likely to be attacked by cyber attacks are finance, investment, and securities.

This includes the retirement and pension industries as all of these are highly reliant upon computers and would not be able to function if computer systems were down and offline. The attack could also result in expensive third-party claims as a result of the unauthorized disclosure of personally identifiable information.

Financial industries are often the most targeted due to their monetary heft, and with big banks among the leaders in cybersecurity, smaller plan sponsors may be the next targets. Click here to learn more about industries most vulnerable to cyber attacks.

Where can I purchase cyber liability insurance that includes a decided team helping with investigation and breach response?

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