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New policy covers 401(k) fiduciary liability for cybersecurity risks


In response to the Department of Labor’s April 2021 guidance on cybersecurity and data privacy, Colonial Surety Co. is revising its fiduciary liability product offering for 401k plan sponsors, adding a new two-part package that includes cyber liability coverage, reports 401K Specialist. The new fiduciary-and-cyber liability package is available to any company that sponsors a retirement plan and already has an ERISA fidelity bond in place.

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