Summary
This technical report discusses the increasing sophistication of cyber threats targeting family offices, which manage substantial assets. It outlines the vulnerabilities these offices face, including data breaches and financial fraud, particularly through business email compromise. The report emphasizes the need for family offices to adopt good cyber hygiene practices, such as staff training on security measures like two-factor authentication. It details the importance of conducting data audits to identify security gaps and suggests creating a business continuity and response plan to mitigate risks. Additionally, the report addresses the necessity of having a formal backup plan and highlights the growing relevance of cybersecurity insurance, which requires strong cybersecurity practices to qualify. The report also features insights from experts in the field, underscoring the challenges family offices encounter in securing their operations against cyber threats and the proactive steps they can take to enhance their security posture.
