Cyber attacks are increasing. Experts recommend preparing for this new normal in planning for 2021 and beyond. Don’t forget your retirement plan!
The New Normal: Increased Cyber Security
Check Point recently surveyed over 600 information technology professionals from around the globe to understand shifting security challenges. The results remind us: “Changes brought about by the pandemic have made a deep and lasting impact across all industry sectors, from manufacturing to retail and hospitality, healthcare to education. We will not be able to turn the clock back to how things were anytime soon.”
Of the professionals surveyed, 58% said their companies had experienced increased cyber attacks and threats since the beginning of the COVID-19 outbreak. Most—73%— reported having to respond with unplanned strategies. Headed into 2021, increased vigilance is here to stay—and expand.
According to Check Point:
Ninety-five percent of respondents said their strategies had changed in the second half of the year, the biggest being enabling remote working at scale (cited by 67%). This was followed by security education for employees (39%); improving network security and threat prevention (37%); expanded endpoint and mobile security (37%) and rapid adoption of cloud technologies (31%).
The biggest security challenges going into 2021: Security for employees working remotely was the leading challenge (cited by 47% of respondents), followed by protecting against phishing and social engineering attacks (42%), maintaining secure remote access (41%), and protecting cloud applications and infrastructure (39%).
Increase Preparedness for 2021
During 2020, plan sponsors, like most people and businesses, were thrust into changing ways of work and rapid problem-solving. Headed into 2021, plan sponsors need to: consider the implications of lasting cyber trends; continuously apply emerging best practices to securing retirement accounts; and, ensure that third-party plan administrators are doing the same.
Let Colonial Surety Company help you add the comprehensive, affordable coverage you and your plan need now—and into the future. At Colonial, plan sponsor can select a unique coverage package that includes:
- TheERISA bond required to protect the assets of the retirement plan from theft;
- Cyber Liability coverage to safeguard your company and plan from covered losses and expenses in the event of a cyber breach; and,
- Fiduciary Liability coverage to protect you and your assets from personal liability.
What Needs To Be Secured?
It may be tempting to think your retirement plan data is fine, but increased cyber threats mean you can’t be too sure. It’s best to revisit the protections, using the most up to date techniques and guidance. As Check Point encourages :
Secure your everything. Every part of your network matters. Organizations must revisit and check the security level and relevance of their network’s infrastructure, devices, processes, compliance of connected mobile and PC devices, IoT, and more. The increased use of the cloud demands an increased level of security, especially in technologies that protect workloads, containers, and serverless applications on multi- and hybrid-cloud environments.
Retirement plan data breaches are always a possibility—even with solid security protocols in place. That’s why Colonial Surety Company’s Cyber Liability Coverage is designed to provide:
- Breach resolution and mitigation services
- Computer expert services
- Legal services
- Public relations and crisis management expenses
- Customer notification and call center services.
A leader in the field, Colonial Surety Company is U.S. Treasury listed, rated “A Excellent” by A.M. Best Company, and, licensed for business across the USA.
Get ready for 2021. Our online system means you can get the coverage you need easily, quickly and directly: