Family office cyber security
According to family office industry experts, more than one-third of family offices had at least one cyberattack last year. Family offices, of course, have the money to defend against cyber threats, but many don't have a prioritized cybersecurity plan in place.
At The Celebrity Personal Assistant Network, we help family offices effectively manage risk because we don't want them to become victims of a data breach.
At The Celebrity Personal Assistant Network, we help family offices effectively manage risk because we don't want them to become victims of a data breach.
Family offices need an incident response plan
Incident response plans for family offices
According to research, an ultra-high net worth family may have $2,000,000,000 under management but could spend less than $50,000 to mitigate cybersecurity risk. In short, the potential risks are too great not to assess vulnerabilities.
Unfortunately, many family offices only put security controls into place after they experience cybersecurity attacks. It's like buying auto insurance after you've had an accident -- it's already too late.
Unfortunately, many family offices only put security controls into place after they experience cybersecurity attacks. It's like buying auto insurance after you've had an accident -- it's already too late.
Family members don't need to fall victim to ransomware attacks
In many cases, a family office's carelessness can lead to a ransomware attack, and it's completely preventable. If family office principals get basic training and put incident response plans into place, then sensitive information can't be compromised.
Some best practices include multi-factor authentication on devices, avoiding public Wi-Fi, and being able to recognize what phishing emails are. Family offices that embrace proactive risk management have an advantage.
Some best practices include multi-factor authentication on devices, avoiding public Wi-Fi, and being able to recognize what phishing emails are. Family offices that embrace proactive risk management have an advantage.
Does your high-net-worth family take cyber threats seriously?
Cyber threats against family offices
Taking family office protection seriously is the first step toward having the upper hand against cyber criminals. Hiring a cybersecurity risk manager for penetration testing is advised because high-net-worth families are attractive targets for cyber criminals.
Threat actors are dedicated professionals, and vulnerable families must protect critical data in their networks.
A threat actor, for example, could spend weeks or even months finding ways to gain access to connected devices to install malicious software. Once a cybersecurity breach has occurred, the perpetrator sells information on the dark web to the highest bidder.
Threat actors are dedicated professionals, and vulnerable families must protect critical data in their networks.
A threat actor, for example, could spend weeks or even months finding ways to gain access to connected devices to install malicious software. Once a cybersecurity breach has occurred, the perpetrator sells information on the dark web to the highest bidder.
Understanding risks will protect family wealth
Little-known threats against high-net-worth families, celebrities, and billionaires are the people who work in the family offices. An unsuspecting family member could fall prey to employees who conspire to expose critical information to the public. Robust background checks of employees will help mitigate such problems, and family office employees should be on a "need-to-know basis" regarding private data.
Many family offices could do a better job to secure personal information. Too many organizations are lackadaisical, which can lead to business email compromise. It's especially problematic that family offices don't learn lessons from the other cyberattacks that have made recent headlines. In short, many family members have a false sense of security when it comes to concerns over identity theft.
Not taking cyber threats seriously costs some family offices millions of dollars to correct. Having strong systems in place and taking a proactive stance against threat actors should be part of a family office's best practices.
Many family offices could do a better job to secure personal information. Too many organizations are lackadaisical, which can lead to business email compromise. It's especially problematic that family offices don't learn lessons from the other cyberattacks that have made recent headlines. In short, many family members have a false sense of security when it comes to concerns over identity theft.
Not taking cyber threats seriously costs some family offices millions of dollars to correct. Having strong systems in place and taking a proactive stance against threat actors should be part of a family office's best practices.
Filed Under: cybersecurity attacks in family offices, strong passwords to prevent a data breach
