What worries have corporate leaders carried to the World Economic Forum? Global recession, bankruptcies—and, third on the list: cyberattacks. Experts advice increased awareness and action by everyone.
Cybercriminals Are Wide Awake
Here’s the deal: cybercrime is not an isolated problem for the folks in IT to handle while the rest of us hope it goes away, The Global Association of Risk Professionals reports that worldwide cybercrime damages in 2021 are projected at $6 trillion! Since the majority of cyber attacks are financially motivated, it’s not surprising to learn that last year, two-thirds of financial services firms had cyberattacks.
Cybersecurity Can Increase the Value of The Business
Noting “ignorance is not bliss,” experts at the 2021 World Economic Forum suggest that a fully realized approach to cybersecurity can be a business enabler, driver and even a market differentiator. Business leaders are encouraged to “align cyber-risk management with business needs,” and remember:
Strong, effective cybersecurity adds value to the business. Controlling cyber-risk means coordinating and collaborating with business units throughout the enterprise, including the CEO….This ensures the entire enterprise, not just the IT department, is addressing cyber-risk.
Align Cyber Spending To The Biggest Risks
Since most cybercrime is financially motivated, company-sponsored retirement plans are very attractive targets. What’s your response strategy in the event of a data breach impacting your retirement plan? Let Colonial Surety Company help you.
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.
Vulnerable Despite Progress
Experts advise that despite much good effort and progress, the risk of cyberattack is here to stay. In fact—the bad news is, cybercrime is becoming easier:
While the financial services industry has seen strong progress over the last decade in terms of threat information sharing and cyber resilience measures, the fact of the matter is that it is still easier to attack than defend in cyberspace. Every year, cybercrime becomes cheaper, easier and faster, making a variety of companies – including banks – more vulnerable to attacks than ever before.
As you work to further protect your company’s retirement plan in this digital era, let Colonial Surety Company help. 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.
Colonial Surety Company is in business all across the USA. We are rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.