Archived Insight | November 12, 2019
Sponsors of public sector employee benefit plans may assume that the vendors that service the plans they oversee have adequate insurance in case there is a breach.
However, the trustees and committee members may find that the vendors are inadequately covered or that a breach can be traced to actions by the plan. Situations such as this point to the need for the plan to have its own cyber liability insurance.
An article by Diane McNally, Senior Vice President and Segal Select Insurance Practice Leader, that appeared the National Conference on Public Employee Retirement Systems e-newsletter looks at the increasing need for separate coverage and the features found in well-designed policies.
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.
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