Astor Asset Management announced on May 20th, 2021, that they have finally launched a partnership with Fortinet to make good on a promise announced in 2020. A little over a year ago, Thomas Mellon, CEO of Astor Asset Management, announced plans to implement an enhanced security technology platform to shore up the banking division with the highest security measures. Since then, the firm has been working to secure the right partnership for the division. As soon as it’s complete, the security platform will enhance online services for the private wealth banking division. The scope of funding spans a large scale $40 million blueprint. It is one that competitors will undoubtedly copy as an exemplary model for those in the banking universe.
Oliver Hawthorne, Director of Marketing, confirmed the plans Monday, after a long negotiation stretch that seemed to stymy forward motion. Grand in scope and structure, the ambitious endeavor seeks to strengthen the banking division and give its clients more privacy and assurance, making the financial group more competitive globally.
Hawthorne had previously assured consumers, "Our goal is, of course, enhanced security technology for all our clients. But more specifically, this will be enhanced technology for our global private wealth banking division and, respectively, our high net worth clients. However, we have an over-arching company mission to review all securities and to move forward into the next decade with a plan in place. We only strive to roll out the most secure technology for consumers, including the newest digital intel and AI. We have achieved the timeline for launch after setting a goal of completion by the end of 2020 and into 2021. It's ambitious, but we’re up for the challenge.”
Astor Asset Managements has previously spoken of a hefty initiative involving AI, but the plans to incorporate the newest security features, specifically for private wealth banking and for the online banking authentication process, are unique. Astor is not the first to bring to bear a more intense focus on security advancements, but it is undoubtedly leading the way in both scope and scale. Thomas Mellon, CEO of the company, has remained among the leaders in financial cybersecurity. He is running neck and neck with such giants as Bank of America and JP Morgan Chase. The trend of enhanced security has been growing over the last decade. But it's never been more omnipresent that over the previous two years when banks and airports and tech infrastructures have been cracked, and in some cases closed, in the wake of more sophisticated hacks. It's no longer a supplement, nor a bonus, but an absolute must-have for the banking industry. That is if the institution strives to remain competitive. But it comes at a price. Pay attention as the trend morphs into a necessary component rather than a buzz-worthy perk. It is more than likely that this sort of technological upgrade will be the sole factor responsible for edging out smaller, less competitive banking institutions in the next five years.
According to Business Insider, “A top concern consumers have when choosing mobile banks is security. The fear of a data breach, increases the demand for services that keep users' data secure. High tech AI, allows consumers to place holds on credit or debit cards, schedule travel alerts, and file and review card transaction disputes. These are some successful security banking features."
While some might feel that Mellon and his competitors are pioneers in jumping so quickly onto the AI security vault, the statistics continue to prove that there isn’t time. If banks want to withstand the next five years, they will need to invest in security in a way they never have. American Banker called out the urgency of the ransomware trends in banking. In an article published in 2020 by Penny Crosman, titled 5 ransomware trends that should alarm banks, American Banker asserts that the time to wait is over. According to the piece, “Ransomware attacks have been accelerating during the pandemic, as cybercriminals take advantage of the security vulnerabilities and disruption caused by the massive movement toward working from home and they find ransomware increasingly profitable. ‘According to a report published Tuesday by the security company Arctic Wolf, the banking sector saw a 520% increase in phishing and ransomware attacks between March and June of this year.’ Arctic Wolf has 250 bank and credit union customers.”
Astor Asset Management’s CEO, Thomas Mellon, is serious about the issue. Said Mellon, “As online and mobile banking becomes the preferred modality, we are ready to leverage our current, most competitive capabilities and move forward in a plan to institute the freshest and latest technologies.
We are confident that Fortnet is the right choice for our needs. Their growth has been exponential over the past year. They have been steadily building a reputation as one of the top security companies around. It’s important. As our clients have come to expect the most secure and technologically advanced user experience, we intend to combine that with the assured privacy that they deserve.
We’re excited to move into the next decade and beyond, whatever that means in terms of safety, security, and intel. Our clients rely on us to deliver the best. It’s why we are determined to adapt to AI in the future. The dedication we have modeled to our exclusive clientele is and always has been our top priority. We are committed to a safe and secure banking experience within the highest capability of the present technology available.”
When asked if he had any plans to disclose the completion of the upgrade, Mellon answered. "Yes, of course. It’s complete. It’s essentially complete. But yes, two weeks is the goal. In terms of stasis, there is no such thing with regards to security and our clients. We move forward confident in the partnership but aware that moving forward is only the first step in AI. Our plans continue to evolve. We will remain at the forefront of AI and technology. Our clients have come to expect that kind of progress from me, from Astor Asset Management.”
Media details -
Company Name - Astor Asset Management
Email - [email protected]
City - San Francisco
Country - USA
