Like compliance, cybersecurity is not a topic that advisors relish discussing, but “it’s a necessary evil,” says Joel Bruckenstein, head of Technology Tools for Today, or T3.
Why? Because “cybersecurity is the single greatest threat to your business,” Bruckenstein told advisors during the TD Ameritrade National LINC conference on Feb. 9. “Best-case scenario, if you have a serious incident, you’re looking at six figures; worst-case scenario you’re looking at the health of your business and you’ll probably be out of business.”
In late January, TD Ameritrade Institutional integrated its Veo One platform for advisors with cleverDome, which is billed as a B corporation co-op that offers community-based solutions to protect confidential client information.
TD Ameritrade “has taken it [cybersecurity] to the next level because they got involved with cleverDome, which I think has the ability to change the industry,” Bruckenstein told ThinkAdvisor in an interview.
TD Ameritrade joined the cleverDome co-op in October 2018, after conducting due diligence on cleverDome’s technology in 2017.
Other co-op members include Redtail, Orion and Riskalyze, which share data through the cleverDome network.