Keeper Security’s 2019 SMB Cyberthreat Study has been released and there’s one particularly alarming statistic: of the small businesses surveyed, 25% have “no idea where to start” when formulating a cyber attack prevention strategy.
Preventing a cyber-attack isn’t something you learn about working your way up in a company or going to business school. It’s a technical field that is constantly evolving to keep up with cyber attackers who keep coming up with new ways to circumvent improved cyber defenses. It’s not just something you can pick up and figure out yourselves.
One of the reasons that cyber attackers are increasingly going after small businesses is that they don’t have full-time cybersecurity experts on staff. Larger companies are investing more and more in preventing cyber attacks by employing the experts to beef up their defenses to guard against any cyber attackers.
But how can a small business prevent a data breach? It all starts with getting the experts on your side. You may not be able to invest the same amount in defenses as larger companies like Equifax or Sony after their data breaches, but what you can do is invest in cyber liability insurance to get a team of cyber breach professionals on your side at every stage of incident investigation and response to mitigate and contain a potential data breach.
Where can you obtain instant cyber liability insurance?
While the ERISA fidelity bond is required to protect the participants of the plan, it does not, however, protect YOU and your company as the fiduciary.
Colonial Surety Company is a Treasury Listed surety company providing ERISA fidelity bonds packaged with fiduciary liability insurance and cyber liability insurance. Colonial is one of the leading providers of ERISA related products, offering bonds approved by the Dept. of Labor. We make it easy to obtain your bond instantly as well as allowing you to purchase retroactive insurance for the years the plan was not previously covered.
Under ERISA, fiduciaries may be held personally liable for breaches of their responsibilities in the administration or handling of employee benefit plans. Under ERISA 410, the plan cannot relieve you of this responsibility with indemnification language, however, it specifically permits persons with personal liability to purchase Fiduciary Liability Insurance. Covering yourself with Fiduciary Liability Insurance gives you peace of mind that you are protected. Learn how to bundle your ERISA bond and fiduciary liability insurance and cyber liability insurance for a discounted rate.
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.
If you would like to learn more about purchasing an ERISA fidelity bond, or an ERISA fidelity bond package including fiduciary liability insurance or cyber liability insurance, call 877.650.9661 or email ERISADept@colonialsurety.com. Learn more about becoming a Pension Professional Partner here.