Cybersecurity tools that businesses need to protect their valuable data from bad actors continue to get more complex, as do the strategies taken by cybercriminals.
At a recent webinar hosted by PlanSponsor, Mario Paez, national cyber risk practice leader at Marsh McLennan Agency, said employers and plan sponsors must ensure their insurance coverage is adequately structured to protect their customer, employee, and financial data. Additionally, he mentions it’s equally important to review your third-party partners to ensure they take the same precautions. Having a broker partner is vital to this risk mitigation approach.
Some think that other business insurance, not tailored to digital crime will be sufficient, which is not always the case, Paez said. Indeed, specialized cybersecurity policies are complex, “and the devil is in the details,” he admonished.
