At Extreme Investor Network, we understand the importance of protecting your assets and investments in an ever-evolving digital landscape. Recently, a survey conducted by Dentons, a global law firm, revealed that family offices are becoming increasingly vulnerable to cyberattacks. With 79% of North American family offices acknowledging a dramatic increase in the likelihood of cyberattacks, it is crucial for high-net-worth individuals and families to take proactive measures to safeguard their wealth.
The allure of targeting family offices for cybercriminals lies in their significant wealth and often limited security measures. Edward Marshall, global head of family office and high net worth at Dentons, likened the situation to the infamous bank robber Willie Sutton, who targeted banks because “that’s where the money is.” Family offices typically have small teams managing highly sensitive financial information, making them prime targets for sophisticated hackers.
Despite the growing threats, many family offices lack adequate technology and preparedness to defend against cyberattacks. The survey highlighted that less than a third of family offices have well-developed cyber risk management processes, and only 29% believe their staff and cyber-training programs are sufficient. This alarming gap underscores the urgent need for improved cybersecurity measures within family offices.
To mitigate cybersecurity risks, experts recommend addressing hardware, software, and applications while implementing measures like using intranet sites for communication, utilizing password vaults, and rigorously vetting tech vendors for security. Taking a proactive stance towards vulnerability assessments and anticipating potential threats is essential for safeguarding family offices against cyberattacks.
At Extreme Investor Network, we prioritize providing expert insights and practical solutions to help high-net-worth individuals protect their wealth from cybersecurity threats. Stay informed and sign up with us to receive valuable information on wealth management and cybersecurity strategies. With our guidance, you can navigate the digital landscape with confidence and safeguard your financial future.