Every day we see new cyber threats and cybercrime continues to grow, the most common and most successful attacks target the financial services industry. There is no single ad-hoc solution that protects securely from cyber attacks, but unfortunately there is a technology that provides a solution in the near future.
Protection against attacks and threats generally remains a step back from the latest tactics used by cybercrime. However, there is an underutilized defense against cybercrime that family offices need to consider: educating their clients and employees so that they themselves can be the first level of defense.
Without this approach, research has shown that the easiest way to break the security of a family office is through people with whom it collaborates or interacts. It can happen in various ways with threats that creep through:
Data protection and cyber security should of course be a priority for everyone, from the CEO to the younger server and to each client. This is where the family office needs to ensure security for all customers and their employees to protect the business.
The first step is to ensure that you have done everything possible by providing all the tools and technologies to support the staff and protect the company and analyze where the vulnerabilities could be.
When it comes to technology infrastructure, a private cloud solution is often the best choice for a family office because it should provide an integrated level of threat protection above anything. Moreover, the key elements of business continuity and disaster recovery can be an integral part of this service, something that often the family offices do not plan adequately.
It’s time for the family office to change their way of thinking about technology:
If a family office manages its own infrastructure, IT personnel need sophisticated cyber threat and infrastructure vulnerability testing to be performed by third parties.
Continuous training should also be provided also because hacking techniques and cyber security are constantly changing areas.
Capital Trustees can provide:
Cyber security advisory
Cloud hosting infrastructure