New Chalice Cyber Security Offering Will Help Address Industry’s Top-Of-Mind Cyber Risks Facing Financial Professionals
Strategic Alliances with Bryce Point Insurance Agency and Coalition® Powers Chalice Efforts to Curb Advisors’ Biggest Compliance Risk
SAN DIEGO, Aug. 15, 2019 — Chalice Financial Network™ (“Chalice,” “CFN” or “the firm”), a first of its kind Software-as-a-Service (SaaS)-based member-benefit organization for independent financial professionals, today announced the launch of its new Cyber Security Protection Package. Chalice Members will receive a complimentary Cyber Risk Assessment with an option to purchase affordable cyber security insurance coupled with cyber software and compliance support.
Keith Gregg, the Chairman and Chief Executive Officer of Chalice Financial Network, said, “As part Chalice’s overall mission to become the best, most trusted and widely admired advisor to our Members, we couldn’t be happier to deliver these new benefits and protections. Cyber security is fast becoming a top priority in the industry that no advisor can afford to ignore. With the SEC and FINRA focused intently on punishing firms with lapses and the Financial Services Institute recently forming a Cybersecurity Taskforce, our Members needed a reliable and trusted resource that confronts the realities of their entire business, which ultimately will enable them to best serve their clients.”
The Cyber Security Protection Package provides Chalice Members with an extensive list of cyber security software and insurance features.
Cyber security software features include:
- Credential monitoring to alert when employee’s personal information is compromised
- Protection against 99% of known ransomware threats
- Patch manager alerts on vulnerabilities in software and internet-connected devices
- Threat monitor to check for malware, distributed denial of service (DDoS) and phishing
- DDoS mitigation to avoid extended crashes during peak business hours
- Ethical hackers to discover potential system weaknesses and vulnerabilities before cybercriminals do
- Coalition is available to answer security questions before, during and after an incident, and does not charge for advice and recommendations or general help
- Security Awareness Training with engaging, story-based content and simulated phishing emails to educate employees on good day-to-day cyber security practices
Cyber insurance coverages include:
- Up to $10 million in coverage for the value of a business, protecting the company, executives and employees engaged in normal business operations
- Quotes within minutes
- Third-party liability coverage encompassing technological failures, multimedia content issues such as infringement and defamation, bodily injury and property damage, regulatory defense and penalties, and more
- First-party loss coverages encompassing bodily injury and property damage, computer replacement, financial and service fraud, cyber extortion, reputational damage, software and hardware replacement, and more
In line with these services, Chalice has forged partnerships with industry-leading firms Bryce Point Insurance Agency and the cyber security insurance innovator Coalition to ensure that Chalice Members receive the best pricing and features. Bryce Point Insurance Agency’s highly trained professionals assess the cost of data breaches and cyber-related liabilities, while Coalition engineers provide expert services that leverage digital automation, data analysis and access safeguards to avert and mitigate cyber crises. Bryce Point Insurance Agency is Chalice’s exclusive distributor of Coalition.
Jessica Burch, Managing Director of Bryce Point Insurance Agency, said, “We are thrilled to work with Chalice and its 48,000 Members. Very seldom do you see an organization of this size provide such an impressive and comprehensive suite of solutions that is so accessible to small- and mid-size professional businesses. Data breaches have become a common occurrence, particularly at wealth management firms, so this partnership could not come at a better time.”
Alex Pazooki, Business Development at Coalition, said, “Chalice Members are the type of business owners that most need our services. Research shows that 62% of all cyber attacks target small- and mid-size businesses, with the average data breach costing companies more than $1 million. Cyber security solutions alone are not enough to ensure resiliency when facing loss, which is why Coalition provides each policyholder a full suite of proactive risk-management tools and applications alongside each insurance policy. These offerings help financial professionals vastly improve their cyber security mitigation while significantly lowering their related costs. This aligns perfectly with the overall mission and value proposition of Chalice.”
Mr. Gregg concluded, “We couldn’t be happier to partner with Bryce Point Insurance Agency and Coalition and deliver a host of protective benefits to our Members. Much like providing Members with access to group health insurance, this is another example of Chalice’s commitment to not only spotlighting key pain points for independent business owners but also putting together solutions that will help reduce their pain points.”
About Chalice Financial Network™
Chalice Financial Network (“Chalice”) is a San Diego-based, leading provider of third-party technology, asset management, wealth management and business enterprise solutions for independent financial advisors across the country, delivered through an exclusive membership structure. Chalice is the Holy Grail for Wealth Advisors™ due to its ability to aggregate and integrate all the tools and technology, products and services a wealth advisor needs throughout the lifecycle of a successful independent business, by accessing Chalice Advisor Exchange™, its single sign-on shared services digital marketplace and fintech platform. For more information, please visit www.chalicefn.com.
About Bryce Point Insurance Agency
Licensed in all 50 states, Bryce Point Insurance Agency is the exclusive provider of Cyber Liability products for Chalice Members. For more information, please visit https://bryceinsurance.com.
Coalition combines comprehensive insurance and free cyber security tools to help businesses manage and mitigate cyber risk. Backed by A+/A rated insurers Swiss Re Corporate Solutions and Argo Group, Coalition provides companies with up to $10M of cyber and technology insurance coverage in all 50 states and the District of Columbia. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and tools to help businesses remain resilient in the face of cyber attacks. Coalition is headquartered in San Francisco. For more information, visit www.coalitioninc.com.
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