Statement on Cybersecurity Insurance and Employee Benefit Plans

This document is about a written statement presented by Daniel Aronowitz, the Managing Principal of Euclid Fiduciary, to the Advisory Council on Employee Welfare and Pension Benefit Plans. The statement discusses the importance of cybersecurity insurance for protecting employee benefit plans from modern cyber risks, such as data breaches, ransomware attacks, and social engineering fraud. It outlines the essential coverages that comprehensive cyber insurance policies should provide, including breach response, cyber extortion, business interruption, third-party liability, and cyber crime coverage. The document also highlights the key cybersecurity controls that employee benefit plans must have in place, such as multi-factor authentication, data backups, email security, and endpoint protection, in order to qualify for and obtain quality cyber insurance coverage in the current hard market for cyber insurance.