Smaller advisors were feeling overwhelmed by the security services provided, so Entreda decided to add a concierge service.
Cybersecurity evaluation firm Entreda is adding a “concierge” service to its risk management solution, the company announced today. Unify 360 Concierge Service will provide round-the-clock monitoring and real-time response to cyber threats, serving as a supplement to the cybersecurity solutions it already provides for retail wealth management clients, the company said.
The service is not meant to replace or supplant internal compliance and IT teams, said Entreda CEO Sid Yenamandra. The firm said it counts over 20,000 advisor clients across several thousand firms and roughly 30 percent of them have expressed interest in a concierge-type service, above and beyond the third-party cybersecurity metrics, provided to advisors using the Unify platform, he said. That interest is strongest in firms ranging in size between $100 million to $500 million in assets.
The new service is a byproduct of growth. “When we launched our Unify platform, we were able to provide pro-active reports of the cybersecurity health of an organization originating from their devices, networks and users,” explained Yenamandra. “Over the years, a substantial portion of these customers felt that they could use more help keeping up with the reports and alerts that our systems were generating. Some advisory firms hired internal teams to address the workload while others asked us to fill-in.” The company has been in operation since 2011.
Because the 'concierge' offering is an augmentation of the compliance and IT services that firms are expected to have in place, Entreda’s security specialists will be limited in the actions they can take, providing consultations and monitoring activity, as opposed to generating new compliance plans, for example. While there was no information included on pricing of the new service, the firm did note that it comes with an annual review. The primary benefit for advisors will be time-savings and an extra layer of data protection, said Yenamandra.