Cyber

Phishing Attacks Trick Your Employees Into Giving Hackers Access

08.12.2019

How could there be a danger in clicking a link in an email that appears to be from your coworker down the hall? Clicking that link can provide a hacker access to your company’s system, starting a cyber attack.

Many corporate websites, including small businesses, provide contact information for employees. Hackers are able to utilize this information to create mimicked emails from coworkers, getting coworkers who receive this falsified email to open attachments or click embedded links within those emails.

Clicking links from attackers or opening their attachments can lead to hacks and data breaches very easily. They install malware software giving the attacker control. This is how the Democratic National Committee was hacked before the 2016 election.

It is hard to completely stop your employees from clicking links that seem to be from coworkers. But you can manage and contain the resulting breach by obtaining cyber liability insurance from Colonial Surety Company.

How can you protect your business from hackers?

While the ERISA fidelity bond is required to protect the participants of the plan, it does not, however, protect YOU and your company as the fiduciary.

Colonial Surety Company is a Treasury Listed surety company providing ERISA fidelity bonds packaged with fiduciary liability insurance and cyber liability insurance. Colonial is one of the leading providers of ERISA related products, offering bonds approved by the Dept. of Labor. We make it easy to obtain your bond instantly as well as allowing you to purchase retroactive insurance for the years the plan was not previously covered.

Under ERISA, fiduciaries may be held personally liable for breaches 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 peace of mind that you are protected. Learn how to bundle your ERISA bond and fiduciary liability insurance and cyber liability insurance for a discounted rate.

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.

If you would like to learn more about purchasing an ERISA fidelity bond, or an ERISA fidelity bond package including fiduciary liability insurance or cyber liability insurance, call 877.650.9661 or email ERISADept@colonialsurety.com. Learn more about becoming a Pension Professional Partner here.