From CNBC: 2024-05-21 08:00:01

1. Family offices are increasingly vulnerable to cyberattacks as a survey shows 25% experienced a cyberattack in 2023, up from 17% in 2020. With high wealth and limited staff, these offices are lucrative targets for hackers, lacking adequate technology and training for defense.

2. Experts warn that family offices’ efficient service bias over security make them prime targets for hackers. Less than a third have well-developed cyber risk management processes, with only 29% considering staff training sufficient. Proactive measures are needed to fill the gap between cybersecurity risks awareness and prevention.

3. EY U.S. and the Wharton Global Family Alliance recommend family offices address hardware, software, and applications to tackle cybersecurity challenges. Using intranet sites instead of emails for sensitive information, employing password vaults, and vetting tech vendors for security can enhance defense against cyber threats.

4. Family offices are urged to shift towards expecting the unexpected when it comes to cybersecurity threats. With growing fears of cyberattacks, a proactive approach that goes beyond reacting to incidents is crucial to safeguarding highly sensitive financial data and private information.



Read more at CNBC: Family offices become prime targets for cyber hacks and ransomware