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Key Takeaways
With the rise in industry awareness coupled with more sophisticated cybersecurity attacks, security is a key consideration for family offices today. But family offices should also understand the risk of their increased reliance on technology, and what this means for their data privacy.
With more complexity in portfolios there is more financial data to be aggregated, and only wealth management technology can solve this pain point. However, not all of these cloud-based solutions are equal - many rely on third-party intermediaries to collect financial data.
What does this mean? Rather than interact directly with custodians, these solutions partner with intermediaries that collect and process data from custodians and sell this service to multiple software providers. This means there is increased risk to cyberattacks, and increased human risk of data leaks (both accidental and deliberate).
Beyond this, there is the potential for these third-party intermediaries to abuse their access to customer financial data - and at least one large intermediary has already settled a major lawsuit due to this.
So how do family offices counter this significant risk?
That’s where Masttro comes in. The platform utilizes direct data feeds with +650 global custodians, never relying on third-party intermediaries. Built over the course of the fifteen years that Masttro has operated, these 650 (and counting) direct data feeds mean that only Masttro and the custodians are involved in aggregating data - eliminating the third-party risk factor entirely.
And because the Masttro platform is built with the highest level of encryption protocols for data, at rest and in-transit, it means that nobody - not even Masttro employees - can access your data.
The choice is simple: choose a data aggregation solution that relies on third-party intermediaries and risk the increased potential of data leaks; or choose Masttro, the most intuitive, secure platform to manage wealth, where you own your data at all times.
Speak to us to find out more.
Secure Visibility for Modern Family Offices
