IPBS and Sequrest partner on biometric bank security
01 December 2017 16:26 GMT

International Private Banking Systems, a provider of wealth management software for the private banking sector, today announced a biometric partnership with cyber security specialist Sequrest.

The deal will see Sequrest as the exclusive provider of end to end cyber security frameworks to the IPBS customer base of private banks, wealth managers and trusts etc. The agreement covers the Caribbean region and other offshore markets that IPBS serves.

Sequrest offers facial recognition andother biometric technology, encrypted communications and cyber intelligence. As a product and technology agnostic service provider, Sequrest is able to offer the optimum cyber security solution taking into account each institution’s specific challenges. Bespoke advisory protection is then available on an on-going basis according to the organisational requirements and risk profile.

Bruce Raine, Founder and President of IPBS said, “The Panama Papers was a result of a security breach and it is clear with the recent Paradise Papers that the industry has failed to learn the lessons of the past. Given the nature of sensitive data that private banks and wealth managers have access to, it is imperative that institutions invest in providing robust cyber security defences. The number of threats is growing on a daily basis and this issue should be at the top of every C- level executive's agenda. There is already evidence of a cyber security skills shortage in the industry which will ultimately hinder an institution’s ability to defend itself against external threats. By partnering with a specialist in cyber security, we can help organisations to focus on their core business secure in the knowledge that their infrastructure is protected to the highest standards.”

Robert McClure, Managing Director of Sequrest added, “Many small and medium sized institutions lack the capability or know how to mount an effective defence against an increasingly sophisticated threat or keep pace with the latest threats as they evolve. However, efficient and cost effective cyber security solutions exist that can keep an institution safe, prevent reputational damage and lower the risk of financial penalties. What's more, it can be rolled out quickly ensuring institutions and their customers are protected to the very highest standards. By working with Sequrest, you will benefit from a responsive service with direct access to cyber experts with many years of industry experience.”

Those companies that don't invest or maintain adequate defences are putting their customers at risk. To avoid becoming the next victim, institutions need to carry out an immediate threat assessment to determine any weaknesses. Fortunately, given today's technology every institution can implement effective controls such as multi factor authentication which are a strong defence against hacking and unauthorised access.