Colonial Surety Company Launches New Cyber Coverage to Help Businesses that Sponsor Retirement Plans Deal with the Growing Risk of Data Theft.
Retirement plans and the sponsoring businesses that establish them are especially vulnerable to cyber-attack because they store and share sensitive employee and participant data and asset information among multiple entities as a part of the plan administration process. As a result, it is becoming increasingly important for benefit plan fiduciaries to take steps to secure plan data from cyber-attacks. Many industry experts are recommending that plan sponsors proactively manage these risks by purchasing cyber liability insurance.
Colonial's cyber liability insurance products protect benefit plans and plan sponsors against losses due to a data breach. In the event of a cyber attack, Colonial's coverage includes breach resolution and mitigation services, customer notification, expenses for public relations and crisis management, as well as a defense and indemnity with respect to covered lawsuits.
These new cyber coverages are now being included within Colonial's two- and three-year ERISA packages for benefit plan sponsors. These bundled offerings also include an ERISA fidelity bond, which protect plans from the risk of employee theft, and fiduciary liability insurance, which protects plan fiduciaries from personal liability. This combination of coverage, curated for plans and the sponsoring businesses that establish them, is only available from Colonial and offers exceptional protection and value for its customers.
Colonial CEO
Founded in 1930,
Learn more about cyber liability insurance at http://www.colonialsurety.com/cyber
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