Cyber

Plan Sponsors Specifically Threatened by Cyber Attacks

06.30.2020

Retirement plans and, specifically, their plan sponsors are being threatened more and more by cyber attacks.

Recordkeepers, custodians, and third party administrators are being attacked due to all the valuable personal data they harbor and have implemented measures to guard against cyber attacks. Plan sponsors, however, don’t have the cybersecurity experience of those used to having their data threatened. That makes them vulnerable and an increasingly large target for cyber attackers.

Cyber attacks can come in forms ranging from phishing emails to malware to password theft to DDoS attacks. And that’s just today; there may be even more substantial threats in the world in no time with how quickly the tech world is growing around us. Plan sponsors have to pay attention and do what they can to protect their retirement plans. Click here to learn more about how plan sponsors, in particular, are at risk of a cyber-attack.

Strengthening plan defenses is one way to guard against cyberattacks, but with attackers becoming more and more sophisticated, there is only so much you can do to prevent an attack on your data. If an attacker wants your data bad enough, they will find a way in. In order to protect your employee’s data, your plan, your participants, yourself, and your business you must secure cyber liability insurance.

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

Colonial Surety offers an included cyber liability insurance endorsement for our ERISA fidelity bond packages which include the ERISA fidelity bondfiduciary liability insurance, and cyber liability insurance.  These packages are offered in 2 and 3-year terms. Along with the benefits of all three protections, you receive a locked-in rate for your package term and much more.

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.

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. Click here to get started