Envestnet Strengthens Cybersecurity Leadership with Rich Friedberg's Appointment

Envestnet's New CISO: A Step Forward in Cybersecurity

In a strategic move to strengthen its cybersecurity framework, Envestnet, a leading player in the Adaptive WealthTech landscape, has appointed Rich Friedberg as its Chief Information Security Officer (CISO). This appointment reflects Envestnet's unwavering commitment to enhancing enterprise resilience, secure innovation, and robust cyber governance across its vast platform, which manages assets totaling approximately $7.4 trillion.

A Veteran in Cybersecurity

Rich Friedberg brings over 25 years of extensive experience in cybersecurity leadership from various sectors, including financial services, SaaS, and national security. His track record includes leading transformation initiatives to incorporate cybersecurity into the fundamental strategies of enterprises. Friedberg's philosophy revolves around the idea that security is not just an add-on but should be ingrained in every aspect of product development and risk management.

Chris Todd, the CEO of Envestnet, emphasized the importance of this appointment by stating, "Trust is the foundation of wealth management, and security is foundational to trust." He further noted that Friedberg's expertise aligns cybersecurity with enterprise risk management and regulatory demands, marking a pivotal step in Envestnet's growth.

Previous Experience and Impact

Before joining Envestnet, Friedberg was the CISO at Live Oak Bank, where he successfully integrated cybersecurity into governance and digital product development. His earlier roles included senior leadership positions at well-known firms such as Capital One and Blackbaud, where he was instrumental in driving large-scale platform transformations and enhancing regulatory confidence. Friedberg's background also includes significant contributions to national-level cybersecurity research while serving at the CERT Program of Carnegie Mellon University's Software Engineering Institute.

Friedberg has cultivated a unique approach to cybersecurity that reframes it from being a technical, siloed function to a core discipline that fosters growth and innovation. He believes that embedding security from the outset can not only safeguard assets but also catalyze organizational growth.

Focus on AI and Automation

At Envestnet, Friedberg aims to streamline security processes by leveraging AI and automation. His strategy focuses on simplifying governance structures without sacrificing security integrity. This approach not only aligns with current regulatory expectations but also enhances operational resilience. In his vision, security must be embedded in every layer of the product design and operational frameworks, establishing a culture of security that remains agile and responsive to evolving threats.

Advancing Envestnet's Mission

As he takes on this crucial role, Friedberg will report directly to Bhaskar Peddhapati, Envestnet’s Chief Technology Officer. This collaborative framework underlines the necessity of integrating security insights with technological innovation. Friedberg will spearhead the enterprise information security strategy, risk management, and ensure that cyber resilience remains a priority as Envestnet continues to expand its operations.

The Bigger Picture

Envestnet's vision is clear: to empower financial advisors with comprehensive technology and insights, bolstering their capacity to make informed decisions throughout a client's financial journey. Friedberg's role is a testament to this mission, underscoring the essential balance between secure operations and innovative service delivery.

With Friedberg at the helm of cybersecurity, Envestnet positions itself not only to enhance its service offerings but also to cultivate a foundation of trust and reliability—key components in the competitive landscape of wealth management.

In conclusion, Rich Friedberg’s appointment as CISO marks a significant milestone for Envestnet as it navigates the complexities of modern cybersecurity demands. By fostering a culture of security that emphasizes trust and resilience, Envestnet is poised to lead the next wave of innovation in the WealthTech domain.