BDO: Top 10 Internal Controls to Mitigate Cybersecurity Risks in the Family Office (August 2019)

BDO writes about mitigating cybersecurity risks in family offices. Their articles begins as follows:

“It is estimated that by 2027, global spending on cybersecurity will reach $10 billion. In this age of IoT, wherethere is no escaping the internet, it is very important to understand the importance of cyber security and moreimportantly, the types of cyber security threats around you!”– Matt Powell, CPO Magazine 

• $400B is the estimated annual business loss to cybercrime globally   

• 94% of organizations experienced phishing attacks   

• 73% of organizations impacted by impersonation attacks have experienced a direct loss

These are just a few statistics to provide some perspective on the risk many small businesses and family offices may face. Cybersecurity risks do not just affect corporations and government entities but can be a common and very present danger to family offices and small businesses alike.

Source: Top 10 Internal Controls to Mitigate Cybersecurity Risks in the Family Office

Download PDF version by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..

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