WOODCLIFF LAKE, N.J. (PRWEB) June 05, 2019
Colonial Surety Company has announced a new cyber liability insurance product to help retirement plans and the businesses that sponsor them successfully respond to data breaches while mitigating their exposure to liability. Despite the heightened risk of cyber-attack, most small businesses still do not maintain cyber insurance.
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 Wayne Nunziata said that in today’s digital world, “businesses of all sizes are facing the increasing threat of cyber crime.” He continued, “we’re addressing a real industry need for benefit plan sponsors to mitigate the risks of handling sensitive personal information and protecting plan sponsors from liability arising from cyber attacks, and doing it in an affordable way.”
Founded in 1930, Colonial Surety Company is a direct seller and writer of surety and fidelity bonds, and related insurance products in the benefit plan industry. They are rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, Department of Labor approved, and licensed in all 50 states, the District of Columbia and most U.S. Territories. Colonial has pioneered a simple digital online order process that allows customers to instantly purchase coverage online.
Learn more about cyber liability insurance at http://www.colonialsurety.com/cyber
Media Contact: Michael Bonfante, 888-383-3313, erisadept(at)colonialsurety(dot)com