Small and medium businesses often (incorrectly) think they’re too small for cyber attackers to attempt to hack. Only 31% of small businesses take active measures to protect against cyber attacks and breaches. But more than 70% of cyber attacks target small business, and the consequences are dire for those attacked businesses.
Sixty percent of small to medium businesses go out of business within six months of the attack. As larger companies beef up on cyber defenses as cyber attacks rise, small businesses are often unaware of how exposed they are to cyber threats. A firewall or anti-virus program just isn’t enough.
So how can small plan sponsors protect something like a retirement plan?
You can manage and contain data breaches with Colonial cyber liability insurance!
Colonial Surety includes cyber liability insurance with our ERISA fidelity bond packages with fiduciary liability insurance to best protect your company 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 record keepers 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.