Ian, cybercrime has grown at a staggering rate in recent years. How does Altoo protect clients’ sensitive wealth information?
At Altoo, we integrate security into every aspect of our operations, from product design to daily decision-making. That means focusing on confidentiality, integrity, and availability of data at all times. In practice, this involves implementing well over 1,600 security measures: everything from strict multi-factor authentication for our users to end-to-end encryption of all communication. We also run an Information Security Management System that continuously monitors and updates these safeguards.
Put simply, security is never a one-time fix; it’s an ongoing, comprehensive process. This holistic approach is what lets our clients rest easy, knowing their wealth information is protected to the highest standard.
It seems like cyberattacks are hitting governments and organizations of all sizes. Why do you think executives are so concerned?
Cybercrime has effectively become a commodity market, with affordable, automated tools available to bad actors worldwide. Even a smaller firm like Altoo sees repeated brute-force attempts against its systems – though we block them swiftly.
Moreover, certain advanced attacks extend beyond mere financial motives and seek to disrupt or even destroy critical systems. This raises an important question for every organization: What makes us a potential target, and how much should we invest in our defence? By deploying our resources strategically and proactively, we can stay one step ahead of emerging threats.
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Can you share some historical context on cyberattacks?
Absolutely – interestingly, the concept of “cyber” or data theft goes way back. One famous example dates back to 1834, when attackers hijacked a French telegraph system to steal financial information. Even literature like The Count of Monte Cristo hints at manipulation of communication channels for personal gain. Fast forward to today, and these attacks have evolved into highly sophisticated digital operations.
What advice would you give individuals and organizations to stay safe online?
Fundamentally, awareness and education are critical. Some essential steps include:
- Recognize the Human Factor. The most common attack vector often involves human error. Learn to spot social engineering threats, such as phishing emails or suspicious links, and train staff regularly to stay vigilant.
- Install only trusted software and avoid unknown “freeware.” If something is free and you’re not sure how it’s financed, there’s a risk it’s bundled with malware.
- Keep everything updated – new updates often fix known security vulnerabilities.
- Maintain secure backups, ideally offline. If ransomware strikes, online backups can be encrypted or deleted along with everything else.
- Use strong, multi-factor authentication to guard your accounts.
No solution is 100% foolproof, but these measures drastically reduce risks.
How is the Altoo Wealth Platform hosted, and why is being based in Switzerland advantageous?
We host our platform in a Swiss Tier 3 data center, which provides robust physical security and reliable infrastructure. Switzerland itself has a strong tradition of data protection, recently updated laws, and a reputation for low corruption and political stability.
Additionally, our entire team is Switzerland-based, which helps maintain clear oversight and a cohesive security culture. Combined, these elements create a dependable foundation for safeguarding our client wealth data globally.
Some might wonder if a FinTech firm like Altoo can match the security of older, larger banks. What do you say to that?
Being a small FinTech can be a real advantage in this domain. We built Altoo from the ground up with security in mind, rather than retrofitting old systems to today’s challenges. Larger institutions often face legacy infrastructure and complex internal processes that make swift adaptation harder.
At Altoo, every new feature or internal process is vetted against our security standards. We are agile, and that agility allows us to implement industry-leading controls more effectively – so I firmly believe we match, if not surpass, the security of many traditional institutions.
Artificial Intelligence (AI) is on everyone’s mind these days - how does it factor into cybersecurity at Altoo?
AI is a tool, and like any tool, it can be used for good or bad. Attackers use AI to automate and scale their hacking attempts, but defenders have it in their arsenal as well. For instance, our firewalls and email filters leverage intelligent features to spot suspicious traffic or phishing attempts.
However, we are also cautious. Using external AI services often requires feeding them sensitive data, and we simply do not do that. Our priority is strict data confidentiality, so any AI-powered approach we adopt must align with that principle.
Finally, how can a client assess if a wealth management provider truly invests in security?
It comes down to trust – and trust has to be earned. Certifications can be a helpful indicator, but they aren’t the whole story. Clients should ask direct questions, request to speak with the team handling their data, and evaluate whether the provider’s answers feel thorough and transparent. If a firm is unwilling or unable to articulate how they manage cybersecurity risks, that’s a red flag.
At Altoo, we welcome these conversations because we’re proud of the measures we’ve put in place. It’s our mission to give clients complete confidence in how we secure their wealth data.
Thank you, Ian!
Securing wealth in the digital era demands constant vigilance. With threats evolving, Altoo’s proactive and detailed approach offers a blueprint for how to build – and maintain – trust in the online realm. For more, visit the Altoo security page here.
