A leading cybersecurity software firm has partnered up with a paper processing and work flow programmer to beef up protection for wealth management firms.
Entreda, a cybersecurity software maker with offices in Santa Clara, Calif., and Birmingham, Ala., is teaming with Docupace, which helps firms go paperless by helping them digitize data.
“Multiple events from last year underscore the accelerating risk of cybersecurity attacks against independent wealth management firms and their affiliated financial advisors,” said Sid Yenamandra, co-founder and CEO of Entreda. “Data breaches are happening. A day doesn’t go by without it happening.”
He said Entreda’s strategic partnership with the Los Angeles-based Docupace reflects the importance of fully integrating comprehensive cybersecurity protections with the core offerings provided by well-established technology solutions providers.
The partnership is scheduled to begin in the first quarter of 2019, he said, and is the first of a series of strategic alliances Entreda will pursue. He said the relationship will give Docupace the ability to authenticate users of its software by using their devices’ “cyber risk number” while also allowing a client firm’s administrators to track the real-time cybersecurity status of user devices from the Docupace dashboard.
“Just as financial advisors and their firms need to protect sensitive data that resides on all of their software, software providers need to provide versatile solutions that allow advisors to operate safely without adding cumbersome steps to their responsibilities,” Yenamandra said.
Mark Tapling, CEO of Docupace, said his company is committed to providing its customers and their financial advisors with the most secure environment for digitizing their operations. “Partnering with Entreda helps Docupace customers solve a real business dilemma in managing the requirement for processing and storage security without owning the endpoints,” he said.