Not only is the number of data breaches increasing every day, but the speed with which customers find out about them is increasing as well. Word is spreading on social media and through online articles more quickly than you could have imagined even ten years ago. That’s why how quickly you respond to a data breach can have a huge impact on your company’s reputation.
As consumers realize more and more how valuable personal data is and what cyber attackers can use it for, they’re looking for companies to respond quickly to protect what they can and realize how large an impact a data breach can have.
A proactive response has to be given to take on the data breach and prevent any future damage along with a mea culpa for what’s happened and how they’ll make it right. Anything else and your company’s reputation could be ruined. Click here to learn more about the consequences of a poor data breach response.
Where can I purchase Cyber Liability Insurance for my company and 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.