International Private Banking Systems (IPBS), a provider of wealth management software, has teamed up with Sequrest to enhance cyber security for private banks and wealth managers.

Following the agreement, cyber security specialist Sequrest will become the exclusive provider of complete suite cyber security frameworks to the IPBS client base of private banks, wealth managers and trusts.

The deal covers the Caribbean region and other offshore markets of IPBS.

IPBS founder and president Bruce Raine 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.

“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 managing director Robert McClure 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.”

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Sequrest delivers a wide range of cyber security platforms including the latest facial recognition and biometric technology, encrypted communications and cyber intelligence.