The former chief executive of Thomson Reuters has become a strategic adviser to a London-based cybersecurity startup whose clients include the UK government and Nato.
Tom Glocer, who stepped down as CEO of the financial information provider in 2012, has become an adviser to Post-Quantum, which also develops technology to help investment banks protect against cyberattacks.
The appointment, confirmed in a September 14 statement, follows Glocer’s investment in the company in 2015.
Founded in 2009, PQ was among startups in Barclays’ London fintech accelerator in 2015. Since then it has deployed, or is developing, products for trading network provider IPC and Barclays’ global information security division. In July it raised £8 million from Hong Kong-based VMS Investment Group and AM partner.
The company provides a suite of security products – including a biometric authentication tool, a secure messaging platform and data encryption product – that can be used separately or in combination with a client’s existing technology.
Glocer told FN: “They [PQ] had what I thought was the right architecture and approach: a toolkit to incorporate various features of security into the existing architecture of sophisticated institutions, in particular banks.”
At PQ, Glocer will sit of an advisory board that includes Brian Snow, former technical director of the US National Security Agency, and Rebecca Bace, a one-time research leader at the NSA. According to PQ’s website, its clients include Nato and the UK government.
Banks including JP Morgan, Bank of America and Goldman Sachs are among those to have stepped up efforts to combat the cybercriminals who target their industry this year but news of Glocer’s appointment comes a day after a top financial regulator in the US urged banks to do more to guard against the threat of attacks.
New York governor Andrew Cuomo, the state’s chief banking regulator, put forward new rules on September 14 to require banks to set up cybersecurity programmes, according to a report in The Wall Street Journal. Cuomo wants banks to be required to employ a chief information security officer and bring in new measures for detecting and reporting data breaches.
Glocer, the founder and managing director of family office Angelic Ventures, is among the growing number of high-profile finance industry executives who are backing or advising fintech startups. His portfolio of investments includes London-based fixed-income data company Algomi and compliance startup Arachnys. He also sits on the board of messaging company Symphony and has backed bitcoin company Coinbase.
“Having spent 19 years at Reuters and then Thomson Reuters, I always like the financial technology and information world because banks and dealers have always invested large amount of money to get a competitive edge on other banks,” Glocer said.
“The things I like tend to be real pain points in the industry. Let’s say in clearing and settlement, is there a way of using blockchain to do it?”
He added that some attitudes to fintech investing may begin to change. Glocer said: “My bet is that we will see the fascination over robo beginning to give away to more support tools.”
Glocer is also a director at Morgan Stanley, Publicis Groupe, Merck & Co and K2 Intelligence