In surveys of family offices, cybersecurity frequently pops up as a key concern. Most recently, the 2024 Executive Summary of The Wharton Family Office Survey found that cybersecurity risk was a top concern among family offices, but that family offices employ, on average, just 0.2 FTE cybersecurity specialists.
With this increased attention has come a wealth of information to help family office leaders understand the nuts and bolts of a cybersecurity strategy and a big-picture view of how cybersecurity fits into broader security efforts. Here’s a sampling:
- A look at cybersecurity’s place in a broader tech security strategy, via Ernst & Young: How family offices can maximize the upside of tech and minimize risk.
- From PwC, detailed information from a cybersecurity expert on how cyber criminals attempt to compromise systems, including phishing and ransomware, and ways to defend against these tactics: Cyber security for family offices.
- The pros and cons of insourcing vs. outsourcing cybersecurity, from FamilyWealthReport: Whether In-House Or Outsourced, Family Office Cyber Defense Must Evolve.
- A less frequently discussed aspect of cybersecurity: insurance against cyberattacks. Lockton, a provider of insurance and risk management, places cyber insurance in the broader context of insurance for family offices: Top 5 Insurance Risks for a Family Office.