tru to Offer Top of the Line Cybersecurity to Advisors to Combat Increasing Cyberattacks in the Industry
Tru Independence, an open architecture platform that provides financial advisors with the dedicated back-office, compliance, marketing, and investment services needed to operate independently, has entered into an agreement with Armorblox, a cybersecurity innovator that helps organizations communicate more securely over email, to bring Armorblox enterprise email security to tru advisors. By making this offering available, tru continues to expand the benefits available to its advisors who also have direct access to the firm’s financial, operational, informational, and technical expertise—allowing its advisors to focus purely on client services.
Cybersecurity has always been essential to the wealth management industry, especially as advanced technologies become more prevalent in everyday practices. With the COVID-19 pandemic leading to more employees working from home, it has also provided more opportunity for cyberattacks. According to a 2019 IBM security study1, “Cost of a Data Breach Report,” the average person has a nearly 30 percent chance of experiencing a data breach in the next two years, and once a breach occurs, it takes an average of 279 days to identify and contain the breach.
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“We are thrilled to be able to offer top of the line cybersecurity to our advisors with Armorblox,” said tru Independence Chief Operating Officer, Gary Bonner. “A significant data breach can cost our advisors valuable time and money. With data attacks increasing in frequency, we want our advisors to feel protected with Armorblox and have a strong sense of security.”
Financial services firms are 300 times more likely to be attacked than other companies, based on Boston Consulting Group’s 2019 Global Wealth: Reigniting Radical Growth2 report. Through this agreement, tru advisors will have access to enterprise-grade security from Armorblox, including protection against data breaches with inbound email protection, email account compromise detection, outbound email protection, and abuse mailbox remediation. Armorblox secures enterprise communications over email and other cloud office applications with the power of Natural Language Understanding (NLU); the platform connects over API and analyzes thousands of signals to understand the content of communications and protect the human layer from compromise.
“Today’s email attacks pose a real risk to financial advisors and the clients they serve because the attacks are easy to execute, hard to detect, and use language as a weapon to steal money,” said DJ Sampath, Co-Founder and CEO of Armorblox. “We are delighted to partner with tru Independence to help their advisors communicate more securely over email, stop payment fraud attacks, and keep sensitive data out of the wrong hands.”
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