To meet the growing demand for Cyber Liability insurance, Ullico Casualty Group Inc. has designed a product with the needs of Labor in mind.
Benefit trust funds and unions perform important duties by striving to provide the best benefits and conditions they can obtain for working men and women. In carrying out these duties, trust funds and unions have access to the personal information, such as social security numbers and home addresses, of their participants and members. If this data is lost, most states mandate that the entity must respond in a timely manner by notifying potentially affected individuals, regulators, and the press.
Ullico Casualty Group Inc. has partnered with a strong Cyber Liability insurance provider so that our policyholders do not need to face this situation alone.
Read on to learn more about possible cyber liability claim scenarios for multiemployer funds, TPAs and JATCs.
1. An administrator for a large multiemployer pension fund loses his laptop while traveling for an educational conference. He had kept records of the fund’s beneficiaries on the hard drive of the laptop. Although there is no evidence that anyone has accessed the records, the fund must respond. They have to hire a specialist to uncover which records were housed on the laptop, and then contact affected beneficiaries, report to the state, publish a public announcement, and provide credit monitoring services.
2. A hacker accesses a third party administrator’s (TPA) system and steals confidential information for the purpose of identity theft. A health and welfare fund that is contracted with the TPA has participant data that was impacted by the breach. The TPA loses control of a majority of the fund’s participants’ personally identifiable nonpublic information including name, date of birth, social security number and protected health information. The fund must investigate the breach, notify state and federal regulators and affected participants and defend any third party claims that arise from the harm caused to its participants by the breach.
3. The director of a joint apprenticeship training committee (JATC) sells old campus furniture, not realizing that student forms were still filed in a cabinet. These forms include the names, addresses, and social security numbers of previous students. The JATC has to notify and monitor the credit of all the affected individuals.
To learn more about Cyber Liability Insurance, please contact us today.