There’s a reason why every bank has a vault: that’s where the money is kept, and banks store a lot of money and valuables. Professionals in every industry need to keep their data secure because identity theft can affect anybody, but professionals in the finance and banking sector have more to lose.
Unfortunately, free products offering “end-to-end encryption” don’t go far enough and have been compromised numerous times. Even as Elon Musk voices support for Signal over WhatsApp, both platforms have security pitfalls finance professionals are wise not to trust.
Let’s take a deeper look at the best encrypted messaging apps on the market to appreciate what separates them from apps you can download for free to your phone.
The nuts and bolts of encryption are complicated, but suffice to say that not all encryption is equally protective, even if it’s billed as being “end-to-end.” The best platforms in the industry offer end-to-end encrypted messaging protocols that encompass PGP and Elliptical Curve Cryptography.
For example, the unique ChatMail Advanced Messaging and Parsing Protocol (CAMP) can incorporate both PGP and Elliptical Curve Cryptography. The Key Exchange utilizes the Double Ratchet Algorithm, combining the cryptographic ratchet based on the Diffie-Hellman key exchange and a ratchet based on the key derivative function.
Look for a platform with encryption built on Elliptic Curve Diffie-Hellman with Curve25519, message authentication codes based on SHA256, and Symmetric Encryption with AES-256 in Counter Mode. In short, look for a platform that offers military-grade encryption, not merely one that plasters the phrase “end-to-end encryption” onto its advertising.
No Third-Party Data Centres
What is the point of having the world’s best encryption if identity thieves have another route to steal your information? The best platforms have exclusive ownership of their servers and guarantee round-the-clock security and control.
This level of security can’t be assured by platforms that outsource their hosting to third-party data centres, and therefore lose control over things like maintenance, back-up protocols, and even physical access. Finance professionals make deals involving huge numbers, and their clients and fellow employees are understandably sensitive about keeping a tight lid on anything leaking.
The most secure platforms have proprietary designs which guarantee only minimal information is stored on the server, only usernames, activation, and expiry date. A hacker won’t be able to penetrate the phone, and that’s the only place where your sensitive information gets stored.
Multiple Other Security Features
A phone needs to keep hackers out, but what if someone steals the physical phone? Even then, the most secure platforms have a suite of features designed to protect your information in different ways.
Users can set up optional duress passwords, so the phone will destroy all your sensitive information if a thief tries to enter the incorrect password too many times. Finance professionals can breathe easy, even if their phone gets misplaced or stolen.
The best platforms allow you to set a message, picture or note to self-destruct. The content will be eliminated on both phones even if there is no data connection, and anything set to self-destruct can’t be favorited, forwarded or saved.
Take strict control over your most sensitive material and prevent any unauthorized access with extra pre-emptive measures.
Notebook Lock Screen
The notebook lock screen should have a custom pin for two-factor security. Phones need to have a robust, multi-tier barrier to entry.
Remote Wipe and Anti-Theft Protection
Even if somehow your phone gets misplaced or stolen and you don’t set up the notebook lock screen, you can wipe all the content on your phone remotely. The phone needs to have back-up plans for security, so there’s a fallback if the first level isn’t enough.
Finally, the platform you rely on should be useful internationally. Finance and banking are global industries, and the last thing you want is communication barriers between clients and partners.
Look for service available in English, Russian, French, Spanish, Portuguese, Dutch, and more. In our modern and connected world, the deals you make shouldn’t be limited by language or borders.
When asked why he robbed banks, the criminal Willie Sutton famously replied, “because that’s where the money is.” Everybody’s private and sensitive information is worth a lot to data thieves, but if you work in finance and banking, there is a bigger target on your back. Keep your business and your clients safe by relying on military-grade encryption found in the best business-productivity tools.