Pioneering Wealth Management Protection with Altoo
Altoo is an advanced wealth management platform specifically designed to protect and consolidate the assets of wealthy individuals and their families. Its proprietary security measures include three-factor authentication and restricted access via pre-approved IP addresses, providing a robust shield against potential cyberattacks.
Underscoring the urgency of the issue, Stefan Thiel, CTO of Altoo, said, “With the ever-growing Internet of Things and the myriad of devices at our fingertips, we face an increasing number of potential threats. It’s critical for organizations to implement strong cybersecurity measures to defend against these sophisticated attacks.”
A Deep Dive into Altoo
Altoo is at the forefront of wealth management, having been founded in 2017 by experienced wealth owners who understand the complexities of multi-generational wealth management. Its mission? To empower wealthy individuals and their families to consolidate, understand, and interact with their accumulated wealth in an intuitive and secure way.
Often praised for its personalized and user-friendly interface, the platform features a dynamic dashboard. Here, users can get a comprehensive view of their diverse portfolio of assets, including both bankable assets such as stocks and bonds, and non-bankable assets such as real estate or valuable collectibles. The dashboard design not only promotes ease of use, but also helps users make informed decisions with access to real-time data that paints an accurate and comprehensive picture of their financial health.
Your Wealth, Our Priority: Altoo's Consolidation Power, Secure Document Management, and Seamless Stakeholder Sharing for High Net Worth Individuals. Preview Platform.
Altoo’s innovative software goes beyond data visualisation. The platform has the ability to connect to multiple bank accounts and investment portfolios. This unique feature offers a streamlined approach to wealth management, allowing users to keep track of all their investment activities under a single virtual roof.
More than just a portfolio overview tool, Altoo’s platform is dedicated to unravelling the intricate aspects of global wealth management. It aims to save users considerable time and effort in understanding their asset allocation and making consequential decisions.
Security and confidentiality are the backbone of Altoo’s service. The platform is committed to maintaining the highest standards of protection to ensure that users’ information remains secure. This commitment to privacy, combined with an easy-to-use design and insightful real-time data, provides Altoo users with the peace of mind they need to manage and protect their wealth.
While understanding and managing wealth is a complex endeavour, Altoo aims to simplify it and put the power back in the hands of the user. Its comprehensive features, secure infrastructure, and user-focused design make it a promising tool for the modern, tech-savvy, and security-conscious investor.
Elevating Online Wealth Management Security
Altoo’s protection infrastructure includes advanced tools that ensure highly encrypted communications and storage. The platform also integrates a refined and sophisticated authorization mechanism, an efficient intrusion detection system, and state-of-the-art vulnerability testing.
The platform is hosted in a professional Tier 3 data centre in Switzerland, which adheres to strict measures to secure physical access to its hardware. Altoo prides itself on its strict, local-centric policies. The entire platform is developed and hosted exclusively in Switzerland, and only Swiss residents make up the workforce, which increases the level of protection against cyberattacks.
In addition to these security measures, Altoo meticulously monitors thousands of emails every day. Its email filter successfully blocks an impressive 98% of phishing emails. Notably, either employees or the watchful IT Operations (ITOps) team quickly identify any sophisticated phishing emails that manage to slip through the cracks. This process contributes to the continuous improvement of Altoo’s email filtering rules.
Altoo’s platform is no stranger to brute-force attacks, particularly those attempting URL scanning. However, their system is designed to quickly identify and ban the source IPs of these scans after only a few attempts, preventing widespread abuse of the platform. These strategic measures exemplify Altoo’s commitment to maintaining an uncompromising line of defence against cyber threats.
Resilience against Ransomware Attacks
Ransomware attacks typically involve the theft of data and subsequent threats to expose confidential information. To counter this, Altoo stores sensitive data in encrypted form. The use of segmentation further hinders the potential spread of ransomware. This is achieved by protecting multiple network segments with an internal firewall.
To enhance this security, Altoo employs a strategy known as “jump hosts,” which are essentially hardened virtual desktops with no Internet access, protecting critical infrastructure.
The platform further raises the bar by using a variety of operating system tools across different segments. This diversity adds another layer of complexity, making it even more difficult for ransomware to spread. In the event of a partially successful attack, Altoo has multiple communication services in different locations as a contingency plan.
Empowering Users: Altoo CTO’s Cybersecurity Checklist
Stefan Thiel proposes a series of invaluable precautions that all online users can take to enhance their digital security. His recommendations are designed to provide users with an easy-to-follow roadmap for improving their cybersecurity and ultimately protecting their valuable digital assets.
First, users should ensure that they have security installed on all endpoints. This is a critical first step in defending against potential cyber threats.
Second, Thiel encourages users to limit the number of applications they install, especially those that are purely for entertainment. This restriction minimises potential vulnerabilities that hackers could exploit.
When it comes to freeware, Thiel advises users to be cautious. It is important to understand the motivation behind the distribution of free software. The seemingly free programme may have hidden costs, often in the form of your data or privacy.
Another important tip is the need to keep all software up-to-date. Legitimate software developers regularly release updates, which often include security patches that address newly discovered vulnerabilities.
Thiel also warns against falling for deceptive promises online, reminding users of the age-old adage: If it sounds too good to be true, it probably is.
Finally, Thiel recommends maintaining offline backups of all critical data. This practise serves as a reliable safety net should online systems be compromised.
The Fine Line Between Security and Fear
In the world of cybersecurity, fear often drives the industry’s economy. As Thiel suggests, many individuals and businesses find themselves navigating a landscape they don’t fully understand, leading to a potential overreliance on high-priced security solutions.
However, the promise of security doesn’t always translate into actual protection. While industry conferences can provide valuable overviews of products and services, it’s important to understand the specific threats unique to your situation and align them with your security needs.
A point rarely discussed in these forums is the increased vulnerability that comes with each additional security product and service. This introduces more points of attack, also known as threat vectors, which can inadvertently increase risk. The 2020 cyberattack on SolarWinds is a stark reminder of this reality, with more than 18’000 customers unknowingly installing malicious updates.
