As family offices expand their technology footprint, cyberattacks are rising. Hackers continue to refine their approaches, but key controls and proactive planning can strengthen your family office cybersecurity defenses. We share action items for any family office.
Cyberattacks continue to increase, and family offices are particularly vulnerable to hackers. Family names are well known, and public information is available regarding family wealth, which can put dollar signs in the eyes of cybercriminals. At the same time, family offices are expanding their technology footprint, which requires increased focus on security across a wider range of devices, vendors, and cloud platforms. As we discussed in "The new family office 5.0 model
," family offices typically are structured in one of four ways: as single-family offices (SFO), multifamily offices (MFO), virtual-family offices (VFO), and hybrid-family offices (HFO). Each of the four most common family office structures has its own unique security threats.
We share key action items to strengthen any family office’s cybersecurity defenses.