Take risk, but act prudently.

Cyber Liability

Employee benefit plans face significant exposure to cyber risk.  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.

Plans may not be required to have a cybersecurity policy or to purchase cyber liability insurance, but plan sponsors, whether subject to ERISA or not, should always act prudently and document their process. Cybersecurity should be part of that process.  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.

Euclid Specialty offers a cyber liability program with extensive first party and third-party coverage and includes risk management assistance to help prevent attacks.  Policy coverage and highlights include:

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