Articles | August 28, 2024

Mitigating Evolving Risks with Cyber Liability Insurance

By Diane McNally & Jeffrey Mills

The number of cyberattacks has risen dramatically in recent years. Moreover, the attacks are increasingly sophisticated.

Recognizing that reality, employers and benefit plan sponsors are continuing to grapple with their cyber-risk models to advance their controls and safeguard their confidential data, including private information belonging to employees and benefit plan participants. They are taking steps to limit the risk of falling prey to a cybercriminal.

Get the Article

Mitigating Evolving Risks with Cyber Liability Insurance Download Now

To mitigate that risk, organizations should first quantify how much confidential sensitive and nonpublic data they hold.

Next, they should take a critical look at their cybersecurity defenses and compare them against best practices.

Insurance is an often-overlooked component. A cyber liability policy provides protection in the event of a data breach. The underwriting process for cyber liability insurance can be complex. Policies can vary significantly. The coverage considers an organization’s data protection processes and procedures. Cyber controls can determine the policy rates and terms. Annual policy reviews can help obtain the best rate.

Learn more

Download the article here, with permission from the International Society of Certified Employee Benefit Specialists, the publishers of Benefits Quarterly.

When was the last time you reviewed your cyber liability coverage?

Request a complimentary policy review.

Get in Touch

See more insights

2024 IT Summit

"Techsploring" the Possibilities: Adapting to an Evolving Benefit Fund Office Landscape

Join us at an important summit, full of timely and useful information to support your fund’s future administration needs and goals.

Multiemployer Plans, Technology, Benefits Technology, ATC

Register for the Summit

Diverse Businesswomen Smile And Discuss Paperwork

How a P&C Policy Review Helped Two Merging Benefit Funds

See how Segal’s commercial P&C policy review for merging benefit funds revealed buildings undervalued by $20 million, putting the new entity at risk.

Insurance, Multiemployer Plans, Public Sector, Higher Education, Healthcare Industry, Architecture Engineering & Construction, Corporate

Read Full Insight

Asian Woman Discussing New Software With Colleague

Key Challenges in Maintaining Strong Cybersecurity Defenses

Staying on top of sophisticated cybersecurity threats is one of 5 key cyber challenges your organization faces. Gain insights on what actions to take.

ATC, Corporate, Architecture Engineering & Construction, Higher Education, Public Sector, Multiemployer Plans, Technology, Cybersecurity Awareness Month, Cybersecurity consulting

Read Full Insight

This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.