Are family offices paying enough attention to cybersecurity, and do they approach the challenge with the right people and technology? Should the family office sector regard big cloud providers as a risk to mitigate against? These are some of the questions we plan to address at the 5thAnnual FWR Family Office Fintech Summit on Tuesday March, 17 in New York.
At the summit, we will be speaking on a panel titled “New frontiers of risk Cybersecurity, privacy, and managing your digital exhaust.” The panel will cover topics like what actions the sector can take to educate professionals and clients about the human-error element of cybercrime, and how family offices can prepare to respond to the trend of states tightening privacy laws.
Wealth owners place a premium on personal privacy, and family office have a responsibility to protect not only their clients’ assets but also their confidential information. This is a major challenge in our increasingly interconnected world, in which virtually every endpoint is a potential target for cybercriminals. Considering the amount of wealth family offices control, they are likely to targets of hackers and thieves. In a UBS/Campden Wealth Global Family Office survey, 15% of family offices reported that they had experienced a cybersecurity breach. The responses to these obstacles become more important as it becomes increasingly impossible to exchange data or execute transactions without the internet or the cloud.