Just like all other organisations, Family Offices are at risk of data theft and breaches of security and loss from cyber crime.
Despite spending significant sums of money the latest research has identified that many have been caught out by scams, phishing and logging on to fake wifi channels that exposes their system to outsiders.
Care needs to be exercised at all times and Family Offices need to ensure policies and procedures are not only in place but policed too in order to safeguard the assets of the business too.
Family offices have lost up to $50,000 in attacks on their cyber security, the new Global Family Office Report by Campden Wealth reveals. The report, in partnership with UBS, also found family offices were barely satisfied, or even dissatisfied, with their software – despite each family office spending on average a staggering $245,000 a year on their information technology systems.