Alicia A. Baiardo & Christine M. Mastromonaco of McGuire Woods write about security threats to family offices, in their blog post, “What is Your Family Office Doing to Protect Itself From Security Threats?,” noting that “At least 25% of family offices have been subjects of cyberattacks, and nearly 40% of them lack a cyber security policy. Welcome to a three-part series that will examine the cyber vulnerabilities surrounding family offices and steps they can take to mitigate those risks.”
Their article begins as follows:
Family Offices Are Particularly Vulnerable to Cyber-Crime
As part of the global increase in the number of billionaires worldwide, family offices have evolved from little more than holding companies to highly sophisticated financial firms managing family wealth, administering assets and acting like a typical private equity or debt fund. Family offices are managing almost 50% of Ultra High Net Worth family wealth. Given the vast amount of wealth that family offices support, they are prime targets for cyber crime, which some analysts project will account for a global $6 trillion cost by 2021. The fact that nearly 40% of family offices do not even have a cybersecurity policy in place highlights the need for improvement when it comes to making themselves less vulnerable to cybercrime.
See full article by clicking What is Your Family Office Doing to Protect Itself From Security Threats?
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..