Why Family Offices Need To Prioritize Cyber-Security

Twenty-eight percent of international families, family offices and family businesses have already been victims of cyber-attacks.© 2018 Bloomberg Finance LP

Cyber-crime statistics indicate that family offices are becoming more frequent victims of targeted data breaches, often wreaking havoc on systems and posing a significant reputational and financial risk when sensitive information is accessed. Twenty-eight percent of international families, family offices and family businesses have already been victims of cyber-attacks, according to a new study from Campden Wealth and Schillings, with just one incident costing a family $10mn. Considering that almost 50% of Ultra High Net Worth family wealth is being managed through Family Offices, it is critical that adequate measures are put in place to defend these firms from the growing threat of increasingly sophisticated cyber-attacks.

Projections indicate that the global cost of cyber-crime could reach a staggering $6 Trillion by 2021, with up to 90%

... read more at: https://www.forbes.com/sites/francoisbotha/2018/11/10/why-family-offices-need-to-prioritize-cyber-security/

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