Subsequently protected by frantic local security (10)
I believe the answer is:
collateral
'security' is the definition.
(collateral is a kind of security)
'subsequently protected by frantic local' is the wordplay.
'subsequently' becomes 'later' (I've seen this before).
'protected by' means one lot of letters goes inside another.
'frantic' is an anagram indicator (I've seen this in other clues).
'local' anagrammed gives 'colal'.
'later' going within 'colal' is 'COLLATERAL'.
(Other definitions for collateral that I've seen before include "Aside from the main issue" , "Confirmatory - recall a lot (anag)" , "Security for loan repayment; secondary" , "subsidiary" , "damage?" .)