Chalice Financial Network has added cyber security protection to the growing list of products and services it provides to its member financial advisory firms, Chalice announced.

The Cyber Security Protection Package is designed to address one of the top concerns among independent advisors, which is how to keep their information and their clients’ information safe from digital hacks, Chalice said.

Chalice is a membership organization based in San Diego that gives members access to a host of services and products for a monthly membership fee. Chalice helps advisors with their financial advisory operations and also with their needs as small business operators, including access to human resources services and such things as health insurance for employees. The products are provided at discounts from retail pricing. The number of services and products being offered has grown steadily. 

The cyber security package includes a free cyber risk assessment with an option to purchase affordable cyber security insurance coupled with cyber software and compliance support, Chalice said. To create the new program, Chalice partnered with Bryce Point Insurance Agency and Coalition, a firm that provides insurance and cyber security tools to help businesses manage and mitigate cyber risk.

“One in five small businesses will fall victim to a cyber security breach, with the average cost of a breach being $1 million,” said Keith Gregg, chairman and CEO of Chalice Financial Network. Cyber security is not only top of mind for small and mid-sized businesses; it is one of the most difficult problems for small business owners to address. Financial advisors know a lot about financial planning but they do not know much about running a small business and this is an import aspect of it.”

The cyber security package includes credential monitoring to alert when employee’s personal information is compromised, protection against 99% of known ransomware threats and threat monitoring. Coalition services include answering security questions for firm owners and employees before, during and after an incident. Security awareness training also is part of the package.

The insurance provides up to $10 million in coverage for the value of a business, protecting the company, executives and employees engaged in normal business operations, and both first party and third party coverage.

The entire package, including the insurance coverage, is customizable.

“Data breaches have become a common occurrence, particularly at wealth management firms,” said Jessica Burch, president and managing director of Bryce Point Insurance Agency. The partnership between the three firms enables the cyber security package to include an assessment of vulnerabilities, and  the services needed to get the firm running again if a breach should occur. Bryce Point Insurance Agency assesses the cost of data breaches and cyber-related liabilities, while Coalition engineers provide services that leverage digital automation, data analysis and access safeguards to avert and mitigate cyber crises.

Pro-actively handling cyber security risks can help safeguard a firm’s reputation in the industry, added Cary Burch, managing partner at Bryce Capital, the holding company for Bryce Point Insurance.

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