You undoubtedly already knew that today is November 30th. But did you also know that we are celebrating Computer Security Day today? As larger and larger parts of our lives take place digitally and as we store more and more data in the cloud, IT and data security have never been more important. At PaxFamilia, we are highly aware of this importance. Therefore, we do not only focus on data and system security today, but simply all year round. In this article, you will discover 8 reasons why PaxFamilia is the most secure online wealth platform to store your data on.
1. Data encryption in transit and at rest
Data encryption is perhaps the most important reason why your data is safe with us. All the data you enter in PaxFamilia is automatically encrypted via Vault, an encryption key store. As that description suggests, Vault is a tool that encrypts and stores data. But what does that mean concretely?
No one will ever have access to your personal data without your explicit permission.
Simply put, Vault ensures that only you and no one else can read your data. Every time you enter new data, Vault will encrypt it and store it as meaningless combinations of letters and figures. Vault will only decrypt that data and make it readable for you and the people you grant explicit access, such as your financial advisor or notary. In short, no one, be they Internet service providers, software engineers or hackers, will ever have access to your personal data without your explicit permission.
2. Two-factor authentication
A second strength of our security is two-factor authentication. This means that, in addition to your e-mail address and password, you need a second identification factor to log into your PaxFamilia account.
That extra factor is a unique 6-digit code generated especially for you. You can obtain this code in two ways: via the Google Authenticator app or via SMS. Moreover, Google Authenticator generates a new unique code every minute and the code you receive via SMS is only valid for five minutes. Finally, if you have been inactive for more than twenty minutes, your initiated session will automatically close. Thanks to all these measures, we make sure that only you stay logged into your PaxFamilia account.
3. Activity logbook
Thanks to the activity log, you can see at any time who visited your account and made changes to it. In this way, you can keep track of which advisor took which actions, which data was changed, or which documents were added.
Furthermore, no one can modify the logbook or add or delete activities in it. In this way, we want to create absolute transparency between you and your advisors and strengthen your mutual trust even more.
4. Regular back-ups
Additionally, we use Amazon Web Services (AWS), one of the most secure cloud providers in Europe, to store your encrypted data securely. In addition to the daily AWS updates, we also have chosen to automatically backup our database and Vault every four hours.
Thanks to our security measures, it's nearly impossible for our platform to be unavailable or for data to go lost.
But we even take it one step further. Besides our active database, we also have a standby database. Vault can continue to work in the unlikely scenario that one of the three mechanisms behind it fails and an extra instance is called in if the PaxFamilia platform is overloaded. All this makes it nearly impossible for the platform to be unavailable when you want to use it or for your data to go lost.
5. Multi-tenant infrastructure
Another important reason why your data is safe on PaxFamilia is the multi-tenant infrastructure of our software. This means that, as a B2B client, you get your own unit or partition in our database to store all your customers' data. That unit is completely isolated from those of other customers. You can connect with your own partition by using a specific URL that consists of your domain name, followed by '.paxfamilia.com'.
6. Multiple PaxFamilia environments
To ensure that our entire platform functions perfectly at all times, we created multiple PaxFamilia environments. This means we dispose of an unstable environment, which our team uses for testing new developments, and a stable environment, which you use as a client of PaxFamilia. Only when new developments prove to work perfectly in the unstable environment, do we implement them in the stable environment for you to use.
In short, all new tools and improvements are first thoroughly tested and approved in an environment that does not affect your final working environment but, however, is identical to it. In this way, we considerably reduce the chance of malfunctions or bugs and guarantee that you can continue to use the platform smoothly at all times.
All new tools and improvements are first thoroughly tested and approved before they're implemented in our clients' environments.
7. Internal and external security audits
Security, naturally, also involves frequent audits. We regularly test and look for possible weaknesses in our software ourselves. In addition, external, specialised companies also carry out regular audits and penetration tests. We publish the results of these tests into extensive reports, after which we adjust and improve our security system as quickly as possible.
8. Important certifications
Finally, the fact that we offer an extremely secure wealth management platform is also proven by the certificates we have obtained in the past and that have been issued by different authorities.
First, the GDPR regulations are at the very core of our approach. We dispose of a specialised team that's dedicated to complying with these strict European measures on the processing of personal data on a daily basis. We constantly monitor new developments or regulations and implement them as quickly as possible.
We dispose of a specialised team that's dedicated to complying with the GDPR measures on a daily basis.
This year, we obtained the AISP (Account Information Service Provider) certificate from the Belgian National Bank. This certificate is awarded only to the most secure systems and allows us to aggregate and present your bank information in your PaxFamilia account.
Finally, in 2021, we will take the step towards ISO27001 certification, one of the highest information security standards in the world. ISO27001 is a series of controls and safeguards to promote the highest level of security through the company. At PaxFamilia, we have an information security management system (ISMS) designed to continuously prevent data breaches. It takes into account not only our platform but also the staff and physical security in order to make our company completely bulletproof. In the unlikely event of a data breach, our thoroughly tested ISMS, ensures quick response and mitigation of data leakage.
In the unlikely event of a data breach, our information security management system ensures quick response and mitigation of data leakage.
It's clear: PaxFamilia is an extremely secure environment for your data. We do everything in our power to keep your most confidential data securely locked. This allows you to use PaxFamilia for what it really serves: managing your wealth with a peaceful mind and securing your assets for the future.