Can you even imagine living, caregiving and working right now without the connectivity that ever more and faster tech makes possible? Alas, with the benefits of new connectivity come increased responsibilities too.
More Connectivity Boosts Cyber Criminals Too
Thank goodness for our tech and all those advancing it! Almost every week we learn of and try new smart devices, new apps, more cloud computing possibilities—and speedier options too. Collectively, we are generating ever more data from a wider variety of devices and sources—and this means cybercriminals have plenty more paths to personally identifiable data too. Just think about the data in your retirement plan, for example—and all the ways that participants are accessing it. Add in the vendors and employees who have roles administering your retirement plan, and you begin to have a picture of just how many openings are created for cybercriminals.
As Accenture sums up the cybercrime threatscape:
In the past year, security strategies and practices have been tested like no other. Rapidly accelerated digital transformations, opportunistic phishing campaigns, discontinuity of information security operations and financial constraints are creating the perfect storm in a COVID-19-disrupted world.
Be An Adaptive Leader
To confront adaptations in cybercrime, we need an adaptive approach to cybersecurity as well. Specifically, Accenture advises adapting:
a secure mindset;
secure network access;
secure work environments;
And, secure collaboration.
As a retirement plan sponsor, be sure to “turn on” your own secure mindset—and then consistently ask yourself—and everyone you work with—how the security of every aspect of your retirement plan can steadily be improved. Accenture suggests:
Think “anytime, anywhere” Secure all users, devices, and network traffic consistently with the same degree of effectiveness, regardless of where they are based. Remember that secure network access and applications are just as fast with security as they are without.
As you steadily improve security measures, don’t forget to ask: Does your retirement plan have the robust coverage needed for the times at hand? Let Colonial Surety Company help. Just select an affordable coverage package and receive a full service solution that includes:
- The ERISA 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.
Colonial Surety Company provides user-friendly, digital and direct service. You can easily and quickly purchase your bonds and related insurance coverage online—and instantly print or e-file them from your desktop—or anywhere.
Agility and Confidence
When it comes to cybersecurity, experts, including Accenture stress the importance of inspiring clarity and confidence:
Organizations can adapt and take steps to a more flexible and secure future if they: Inspire calm and confidence. Make security leaders the catalyst for change, using empathy and compassion to deliver a more agile response….Where possible, simplify. Consider managed services and automate where it makes sense.
In the event of a data breach impacting your retirement plan, are you ready to act quickly, expertly and with confidence? Here’s a simple answer: team up today with Colonial Surety Company—and you’ll have experts at the ready. Just choose one of Colonial’s affordable, ERISA bond coverage packages for your plan and include the Cyber Liability coverage. Then, in the event of a data breach to your retirement plan, receive:
- Breach resolution and mitigation services
- Computer expert services
- Legal services
- Public relations and crisis management expertise
- 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 everywhere in the USA.