Experts say COVID-19 could open the door to new a new category of ERISA lawsuits.
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Risk and compliance departments are drafting preventative measures to avoid continued Employee Retirement Income Security Act (ERISA) litigation. That’s according to experts at Seyfarth Shaw, Berkshire Hathaway Specialty Insurance and Mazars, who discussed ERISA complaints and compliance during a webinar hosted by the firms.
But there could be new categories of ERISA lawsuits that plan sponsors should be aware of, panelists cautioned.
One new sector of litigation involves COVID-19, and, specifically, its effect on cybersecurity, the panel said. As offices moved to remote work in 2020, the risk for cyberhacks heavily increased as did the possibility that litigation that could follow.
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Berkshire Hathaway Specialty to Offer Social Engineering Prevention Program
Berkshire Hathaway Specialty Insurance (BHSI) announced that it is providing qualifying private and nonprofit fidelity and crime insurance customers with complimentary access to the BHSI Social Engineering Prevention Program (SEPP).
The SEPP is provided in partnership with the security firm SecurIT360 and offers a suite of services and resources to help organizations prevent social engineering fraud and act swiftly to mitigate suspected incidents.
BHSI writes primary and excess fidelity and crime insurance for a range of business segments, including private and nonprofit customers, and can enhance coverage to respond to executive impersonation and social engineering losses.