Employee benefit and retirement plans face significant exposure from cyber hackers – even more so today in the age of COVID with organizations and benefit providers relying heavily on electronic access and creating new vulnerabilities. In addition, cyber criminals are becoming increasingly sophisticated in targeting entities that manage vast amounts of assets and personal data—two characteristics inherent in retirement and benefits plans and their service providers.
Charged with the responsibility of protecting plan participants personal identifiable information (PII) and protected health information (PHI), these plans and their trustees must implement risk management and vendor management procedures and consider purchasing Cyber Liability insurance.
The Department of Labor’s recent Cybersecurity Guidance for Plan Sponsors and Plan Fiduciaries states that responsible plan fiduciaries have a duty to mitigate a plan’s cybersecurity risks. Compliance with state law reporting requirements, notification requirements, managing and paying for business interruption expenses to get back up and running and incurring lawsuits can deplete valuable plan assets. Having the right Cyber policy in place can help cover these expenses.
Encore Fiduciary offers a Cyber Liability insurance program with AM Best “A” rated carriers on an admitted and non-admitted basis. Our program includes extensive first and third-party coverages.
With cyber threats like ransomware and social engineering becoming more and more common, it is vital to have a comprehensive cyber policy in place to protect against disruption in your operations. The policy provides essential first and third party coverage to protect your plan and personal assets.
Our fiduciary claims expertise is second to none. Our claims authority, supported by a strong bench of lawyers with unparalleled legal and claims experience within our defined niche, and a carrier with a solid history of paying claims fairly and responsively, also set us apart in the industry. Our professionals have legal and fiduciary expertise with the authority to act to resolve complex claims.
We’ve put our fiduciary experience and expertise on paper and online in the “Fiduciary Liability Insurance Handbook,” for you to download and gain insight into why it is so critical that coverage is designed to fit an employer’s or entity’s benefit plan. Obtain your complimentary copy here.
Encore Fiduciary, division of Specialty Program Group LLC. Doing business in California as SPG Insurance Solutions License No. 0L09546.
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