The majority of small business owners significantly underestimate digital security risks, and are therefore unprepared and unprotected for data breaches. The results are costly—and devastating. Here’s what you need to know to protect your business—and retirement plan—today.
The Data Says It All
According to CNBC:
- 43% of cyberattacks are aimed at small businesses.
- Only 14% of small businesses are ready to defend themselves in the face of a cyberattack.
- The average cost of a cyberattack on a business (even a small business) is $200,000.
Does your business have $200,000 to spare sitting around? Sadly, but not surprisingly, INC reports that 60% of small businesses that are victims of data breaches end up closing within six months.
Clearly, as a business owner and retirement plan sponsor, you need defense—protection. That’s why Colonial Surety Company provides affordable Cyber Liability Cyber Liabiliity coverage. Annual premiums are less than what you’ll pay for even one hour of expert legal assistance if disaster strikes. Plus, you’ll be armed with comprehensive response support in the event of a breach.
Colonial Surety’s Cyber Liability insurance provides a dedicated team of experts who assist at every stage of incident investigation and response in the event of a breach. Carefully vetted forensic and legal experts establish what’s been compromised, assess responsibility and notify impacted individuals. As needed, call center support, credit and identity monitoring is provided— even public relations experts. Liability protection in the event of covered lawsuits or regulatory actions due to a data breach? Of course, that’s included too.
Get your cybersecurity breach response plan in place quickly, and affordably with Colonial Surety Company: Cyber Liability Protection for Plan Sponsors
Responsibilities and Protection Too
As a small business owner, there’s nothing small about your responsibilities. As a retirement plan sponsor, your responsibilities are even bigger—because you have fiduciary obligations. Money and data–that’s what’s in your retirement plan, right? That’s what cybercriminals want and small businesses are often considered easy targets. Be sure to follow the government’s new guidance on cybersecurity for retirement plan sponsors.
Business owners are used to taking risks, but these days, it’s best not to get some help absorbing the risks. Let Colonial Surety help you protect yourself as a fiduciary. Don’t wait until the unforeseen occurs to scramble: you can protect your business—and yourself— today—it’s easy, affordable and efficient too. Colonial’s comprehensive package includes:
- The required ERISA bond which protects the assets of the retirement plan from theft;
- Fiduciary Liability coverage to protect you and your assets from personal liability; and,
- Cyber Liability coverage to safeguard your company and plan from covered losses and expenses in the event of a cyber breach.
Serving customers since 1930, Colonial Surety is the trusted source for the pension industry to secure legally required ERISA bonds, fiduciary liability insurance and cyber-liability insurance. We help safeguard plan sponsors, pension professionals and financial advisors – and keep their businesses compliant – with pain-free, efficient, and friendly service every time.
Colonial Surety Company is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed and in business all across the country.