TD Bank becoming corporate member of Canadian Cybersecurity Institute

The TD Bank Group has become the first Canadian bank to join the Canadian Institute for Cybersecurity, a centre for cyber technology research at the University of New Brunswick in Fredericton.

Ali Ghorbani, the director of the institute, says having the bank become a founding corporate member validates the work they are doing to become a hub of cybersecurity research and development.

The institute's cybersecurity graduate students will work with TD technology teams to develop new ways to detect and deal with online threats.

Frank McKenna, deputy chairman at TD, said protecting online data is ``mission critical'' for the bank because they are under constant attacks from hackers.

McKenna said the bank plans to invest hundreds of thousands of dollars in the institute and will open an office on site with up to 20 employees to start with.

There have been reports that estimate the global cost of cybercrime exceeded $600 billion last year.