There’s a world of difference between retail and private banking. While the former is transactional and focused on the mass market, the latter is built on trust and personal relationships. That trust can be hard won, but is easily lost, especially if cybercriminals intervene.
This makes watertight data security non-negotiable for global private banking and asset management leaders like LGT. For the firm — which manages assets of CHF 360bn ($452bn) for wealthy private individuals and institutional clients — security is not just about reducing breach risk. It is fundamental to the bank’s contract with its customers: to offer the highest levels of trust and service quality, befitting an institution with a proud history dating back over 100 years.
Trust, Quality and Security
All banks have a duty to protect their customers’ data. But in the private banking world, the stakes are arguably far greater. LGT’s owner the Liechtenstein Princely Family is keen to promote its traditional values as a key differentiator in an extremely competitive sector. That means it sets a high bar when it comes to digital trust, quality and security.
To maintain these standards amid continued cloud-driven expansion, it realized the need to protect sensitive data while also ensuring its utility. A strong data security posture is not just essential for burnishing customer confidence in the business. It is a vital bulwark against increasingly sophisticated threat actors, as well as being mandated by regulations including DORA and GDPR.
For LGT, expanding its cloud footprint was a strategic imperative to improve process efficiency, drive scale and create innovative customer experiences. But finding a data security solution to slot neatly into its existing infrastructure was no easy task. It was harder still to find a technology that offered strong protection and utility without disrupting the user experience. To make the project even more challenging, LGT had a deadline of just two months before its first cloud application went live.
It needed a partner with proven expertise, advanced technology and the ability to deliver at speed.
Only One Choice
There was only ever one choice. LGT selected comforte for its strong technical and industry leadership, which enabled it to deliver:
- An advanced, data-centric security solution with the flexibility to cover multiple IT/business use cases
- Tokenization capabilities which, unlike traditional anonymization, enable strong data protection while preserving usability
- A complete solution stack, including software, implementation services and ongoing support
- The project on time, despite LGT’s two-month deadline
Security as an Enabler
LGT’s confidence was well placed. The project was delivered on time, ensuring that sensitive information is always protected in the company’s cloud applications — but in a manner that is invisible to the bank’s users. That means they can go about the important task of serving clients and growing the business, without negatively impacting IT performance, breach risk or regulatory compliance.
Even better, the solution can be extended to additional data types, workflows and use cases beyond those originally in scope, without adding friction. Thanks to comforte, LGT has built a solid and trusted foundation for future growth, while staying true to its traditional values.
However, there is light at the end of the tunnel. Against this concerning backdrop, comforte had some good news for global enterprises. Introduced a few weeks ago, the new TAMUNIO platform will help customers meet compliance mandates, protect complex, distributed IT environments, and support business demands for sustainable growth.
