As testament to how important cybersecurity has become for wealth firms, B Capital, the multi-family office run by Lorne Baring, has launched a specialist service for clients.
The company has partnered with a private security specialist to offer a cybersecurity service to existing clients and their close contacts.
It includes an initial cyber health check, which produces a 46 point report, including penetration testing on servers, looking for existing malware and initial training. This is offered for around £6,000.
Following the initial tests, the client can then decide if they want to hire B Capital on an ongoing basis. This would include regular checks, regular staff training, installing new IT, both hardware and software, and acting as the security service for the client.
The price for the ongoing service is negotiable, based on the individual’s circumstances.
The new service follows on from the company setting up a security and intelligence service back in 2016. This part of the business focuses on gathering intelligence on behalf of clients, for example, researching counterparties, potential business partners and assessing geographical risks.
Baring also said that it is now looking at Lisbon as a potential hub for the company, providing it with an EU base. The company has a significant proportion of its assets related to Portugal and Brazil, therefore making Lisbon a natural target for expansion.
‘With the changes in EU law, specifically Mifid II, we’ve been considering having an office that is regulated within the EU. We had initially planned on that being London – but with the Brexit referendum, it’s not as clear whether the UK will be the right place for us to have our EU regulated entity.’