TD Bank aims to tap Israeli tech expertise
FINANCE
• Toronto- Dominion Bank is opening an office in Tel Aviv with the aim of bolstering the company’s cybersecurity programs and research and development capabilities.
“Customers and employees need to transact with confidence in the digital era,” said Colleen Johnston, group head of the Canadian bank’s direct channels, technology, and marketing. "In Israel, TD will tap into one of the world’s deepest pools of talent and know- how in cybersecurity, and further strengthen our ability to build new, secure applications.”
The bank’s move Wednesday comes in the wake of a headline- grabbing cybersecurity breaches at global credit data company Equifax, which affected millions of consumers including about 8,000 Canadians. A much smaller hack was reported this month by global accounting and consulting firm Deloitte.
TD is the first Canadian bank to open a dedicated office in Israel, but not the first to tap into the country’s tech and innovation hub. Just over a year ago, Canadian Imperial Bank of Commerce formed a strategic alliance with Israel’s Bank Leumi and National Australia Bank to collaborate in digital banking, financial technology, and cybersecurity.
“Tel Aviv, among other cities such as Be’er Sheva, Haifa and Jerusalem, has become a global epicentre for cyber-defence technology, processes and systems to both protect and power the next- generation of digital innovation and capability,” TD said in a statement as it unveiled plans for the new office.
“With the Israeli office, TD will now have a more direct line into Israel’s cyber and technology talent ecosystem.”
The Canadian bank said it is committed to making “significant” investments to recruit technology and cyber talent. "To fuel our innovation, TD is in search of diverse hot skills and perspectives from a wide range of fields, including cyber,” said Jeff Henderson, the bank’s chief information officer.
Banking has only recently entered the field of high-tech in major way, with a growing number of services and procedures that tap massive amounts of data and take place entirely online. Attracting talent has been acknowledged as a challenge for banks because they must compete with established tech ventures, i ncluding many in California’s Silicon Valley. Canadian banks face additional competition from large global and regional financial institutions.
DIRECT LINE INTO ISRAEL’S CYBER AND TECHNOLOGY TALENT.