Cyber for Plan Sponsors

Businesses Need To Be Proactive When It Comes to Cybersecurity


As technology becomes more advanced with supply chains becoming automated, data stored remotely in the cloud, and robots working in factories, companies have to become proactive on the cybersecurity front and update their infrastructure to be able to defend our more modern, yet more vulnerable, innovations.

Businesses often don’t know what kinds of cyber protection they should invest in and fail to understand how much inaction could impact them down the line. They often don’t figure out the consequences until a breach is already discovered.

But with your reputation facing huge consequences if customer data is breached and operations possibly being stopped due to automated processes being interrupted, companies have to start thinking about getting in front of cyber attacks and installing 21st century solutions to 21st century problems proactively. Click here to learn more about the next generation of cybersecurity.

One of the key things a company can do is work with an insurance company that has data breach response and investigation services to be able to effectively manager a breach and preserve a company’s reputation if a breach occurs. 

Where can I purchase Cyber Liability Insurance for my company employee benefit plan that includes a dedicated team helping with investigation and breach response?

Colonial Surety offers Cyber Liability Insurance with our ERISA Fidelity Bond packages with Fiduciary Liability Insurance to best protect your 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.