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.
