Challenge. Change. Conflict. Disruption. Dissatisfaction. With these words playing out in the news every day, no wonder surveys are finding business owners more worried than ever about attracting and retaining talented employees. In fact, fear of failing to do so is number 4 on a recent survey of the top 10 challenges for businesses.
Amping Up Benefits–and Cybersecurity Too
With unemployment low, and quiet quitting still in play, many employers find themselves working harder to ensure benefits packages include enhanced 401k plans. Evidence of just how worried businesses are about employee satisfaction can be seen in the results of a 2023 risk management survey, on which “failure to attract or retain top talent” ranked higher than ever, at number four. In addition to worries about recruiting and keeping employees, business leaders are increasingly feeling challenged related to cybersecurity too. Overall, as the National Association of Retirement Plan Advisors shares, the top ten challenges businesses report grappling with this year are:
- Cyber Attacks/Data Breach
- Business Interruption
- Economic Slowdown/Slow Recovery
- Failure to Attract or Retain Top Talent
- Regulatory/Legislative Changes
- Supply Chain or Distribution Failure
- Commodity Price Risk/Scarcity of Materials
- Damage to Reputation/Brand
- Failure to Innovate/Meet Customer Needs
- Increasing Competition
With more of their attention going into both cybersecurity and 401k plans, business leaders will also want to remember that under the high standards of ERISA law, cyber incidents tend to rapidly blow into costly and damaging fiduciary breach allegations, While monitoring the cybersecurity protocols of all 401k plan service providers, it’s best practice for plan sponsors to also have the appropriate insurance in place. Colonial Surety makes protection affordable, with a cybersecurity and fiduciary liability insurance package, that along with defense costs and penalty limits up to $1,000,000 if faced with alleged or actual breaches of duty in connection with the employee retirement plan, also includes:
- Expert-led response services following a data breach.
- Protection from lawsuits and regulatory actions related to the breach.
- Legal services.
- Computer forensic services.
- Public relations and crisis management expenses.
- Notification services.
- Call Center services.
- Credit and Identity monitoring
Plan sponsors: Protect yourself, your business and the plan, efficiently and affordably, now, with: Cyber and Fiduciary Liability Insurance.
Colonial Surety Company is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed and in business all across the country. Serving customers since 1930, we are 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.