Family Office Cybersecurity Solutions – Today all organizations are vulnerable to cyberattacks ⎯ but wealthy families and family offices are particularly attractive targets in the eyes of cybercriminals. Family office cybersecurity is crucial in today’s fight against cybercrime.
This threat is often increased by the fact that family offices tend to be unaware just how much of their family members’ personal information is publicly available, meaning it is much easier for cybercriminals to steal identities and launch sophisticated criminal attacks.
In addition, family members are usually early adopters of leading-edge technology, those which may not have robust protections for cybersecurity and privacy. Many family offices often overlook these highly important pieces of technology and their security – or lack thereof.
Keeping all of these factors in mind means that family offices’ overall approach to cybersecurity should be layered and proactive vs. reactive. The key is understanding and managing the risk before trouble strikes. Experience with major global incidents shows that effective protection has less to do with any technological factor, and more to do with proactive risk management in general.
In an article published by barrons.com, nearly 60% of 78 global family offices surveyed said cybersecurity topped the list of late-night worries, and 96% of respondents have experienced at least one cyberattack, according to The 2020 Family Office Benchmarking Survey by Northern Trust, a Chicago-based wealth management firm.
When it comes down to it there is no longer room for complacency when it comes to implementing the right systems, policies and procedures to maintain the security and privacy of company data. Family offices can no longer sit back and think they are not at risk. They need to be proactive in their approach to cybersecurity and understand the data and information they are protecting.
Check out our 10 steps to secure your family office and reach out today to set up a consultation to see how we can help you secure your assets.