The power of personal data, and how Monstro protects it

Personal phone, computer, info locked up

When you’re asking for someone’s most sensitive data, you need to have a most sensitive security protocol.

Monstro’s unique value is our ability to deliver holistic, personalized insights across 1300 wealth management scenarios. It’s based on a comprehensive understanding of an individual’s finance, legal and tax life. So we built what may be the most extensive system anywhere for collecting and connecting all the documents and data that feed into that.

The result is the kind of individualized, full-spectrum, actionable analysis that is rarely available even from the institutions where people put their money. We can discover not only if someone’s taking on too much risk in their investments for their capacity, but also how that impacts their retirement goals, and whether it could leave their family in the lurch should they die without closing gaps in their life insurance policy, or estate plan.

Monstro uses technology widely adopted by the financial industry

Anyone entrusted with this kind of information must protect it vigilantly. Monstro’s secure, private repository goes beyond encryption. It is industry-leading data tokenization, preferred by the Fortune 500 for security compliance. 

Data tokenization, in plain terms, is a one-way masking, in which the original piece of data cannot be regenerated from a randomly generated string that takes its place—its “token”. That’s different from encryption, where the original data can be retrieved (decrypted) with the right algorithmic key. Instead, the relationship is stored in a secure database. 

Data tokenization is widely adopted by financial institutions to achieve PCI DSS compliance, the Payment Card Industry Data Security Standard for storing credit card numbers and passwords.

This means Monstro has built a security system that prevents someone’s personal financial data from being connected to their actual personal identifier, and changes any sensitive string of data, such as social security numbers or account numbers, into a format not readable by any human, including the engineers who work at Monstro itself.

Moreover, the access Monstro has to connected accounts is “read only”, which, again, is anonymized. We can’t move money around like a banking app, and our users can’t deposit, move or withdraw money with Monstro.

With great power—the power to deliver highly-personalized wealth management insights—comes great responsibility. We have adopted a security protocol that meets that challenge head on.

Photo by Pixabay | Pexels

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