US-based Colonial Surety has rolled out cyber liability and fiduciary liability protection package to protect plan sponsors against growing cyber risk.
The new package will protect the assets of the retirement plan sponsor and the personal assets of individuals involved in the management of the plan.
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The cyber liability protection will shield businesses as well as their pension plans from covered losses and response expenses as a result of a cyber attack, the company said.
Additionally, through the new two-in-one coverage will enable plan sponsors to respond to the updated guideline of the US Department of Labor (DOL) on cybersecurity and data privacy.
The latest offering is available through Colonial Surety’s online platform.
Any company that sponsors a retirement plan and already has an ERISA bond in place can avail of the new fiduciary-and-cyber liability package.
Colonial Surety president Wayne Nunziata said: “The guidance issued by the DOL in April is a clear statement that it sees cybersecurity as a key fiduciary responsibility for all plan sponsors.
“Businesses now have no choice but to be proactive about protecting the privacy and personal information of their retirement plan participants.”
Earlier this month, Israel-based Connected Insurance (CI) partnered with Swiss Re to create a multi-layered cyber protection insurance solution for individuals and families.
