RIA in a Box Launches Cybersecurity Insurance Offering to Provide RIAs Access to Industry-Leading Coverage
CLEVELAND, June 16, 2020 — RIA in a Box, a leading provider of compliance, operations, and registration solutions for the wealth management industry, today announced a partnership with ProWriters and AssetSure that offers registered investment adviser (RIA) firms centralized access to cybersecurity insurance from top providers in the industry. As a result, RIAs now have streamlined access to leading cybersecurity insurance plans to help protect their firms from financial losses in the event of a cybersecurity breach.
Directly through the MyRIACompliance platform, RIA in a Box clients will have easy access to the ProWriters platform, which populates cyber insurance quotes from multiple carriers based on each firm’s individualized needs. After inputting some basic information, RIAs will receive a customized risk assessment report which they can use when comparing insurance carriers’ prices and features. The integration will reduce the time and effort needed to identify and understand the relative benefits of available cybersecurity insurance providers and plans. Through this new feature, RIAs will be able to access industry-leading cyber insurance carriers, including Axis, At-Bay, CFC, Chubb, Coalition, Corvus, Hiscox, HCC, and Tokio Marine.
Once ProWriters identifies recommended insurance carriers based on a firm’s unique business needs, AssetSure guides RIAs through the process of selecting the carrier, answering any questions, and securing coverage. AssetSure also provides advisors with a client portal to access detailed plan information at the click of a button.
“We are excited to be partnering with RIA in a Box to bring their clients a robust cyber insurance solution that streamlines the process of finding the right plan for their business,” said Brian Thornton, President of ProWriters. “Through this partnership, ProWriters is able to provide RIAs with multiple carrier options and support from experts that can help them find the solution that best fits their needs.”
This announcement comes one year after the launch of RIA in a Box’s cybersecurity platform, which is integrated with MyRIACompliance. The MyRIACompliance cybersecurity platform empowers RIAs to efficiently construct, implement, and document a robust cybersecurity compliance program with a single solution. In addition to being able to access the cybersecurity insurance options through the platform, RIAs also have access to security awareness training for employees, email phishing tests, and a streamlined process for managing third-party technology vendors and physical devices. In conjunction with the data security benefits of implementing these processes, RIAs utilizing these trainings and best-practices may be eligible to receive lower rates from affiliated cyber insurance carriers.
“A recent survey we conducted found that 50% of RIA firms either didn’t have cybersecurity insurance or felt their coverage was inadequate. With cybersecurity threats becoming increasingly prevalent, it’s critical that every RIA firm has access to the right cyber insurance coverage,” said GJ King, president at RIA in a Box. “At RIA in a Box, we are committed to ensuring advisors across the country have the resources they need to protect their businesses. Through our partnerships with ProWriters and AssetSure, we continue to provide advisors with the peace of mind they need so they can focus on their clients.”
RIA in a Box will be hosting a webinar with ProWriters on June 18th at 12 PM ET. The webinar will focus on how RIAs can select the best cyber insurance plan for their needs. For more information on the webinar, please visit here.