Bahamas-based International Private Banking Systems (IPBS), a wealth management and private banking software provider, has teamed up with cyber-security specialist Sequrest.
As a result of the partnership Sequrest will become the exclusive provider of end to end cyber security frameworks to the IPBS customer base in the Caribbean region and other offshore markets that IPBS serves.
“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,” said Bruce Raine, founder and president of IPBS. “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.”
Sequrest offers a range of cyber security solutions including the facial recognition and biometric technology, encrypted communications and cyber intelligence and provides bespoke advisory protection available on an on-going basis according to each clients requirements and risk profile.
IPBS was founded in 1993 and its clients include Ansbacher (Bahamas), Butterfield Bank Bahamas and RBC Capital Markets.