Financial services firms, including family offices, stand at the epicenter of cybercrime, with attack frequency, volume, and complexity reaching unprecedented levels. Family offices in particular are at heightened risk, with more than four in ten globally experiencing a cyberattack in the last 12 to 24 months.
While single family offices (SFOs) may assume they’re too small to attract criminals, their combination of high-value data on wealthy families and potentially weak defenses makes them ripe targets. Because SFOs focus on just one family, there is often tight-knit staff handling a variety of responsibilities without a dedicated security team and a higher likelihood of overlap between personal and professional devices and accounts, creating heightened vulnerability.
Today’s attackers can strike on multiple fronts, including impersonating SFO staff or family members. Their methods have become more advanced, especially with the use of AI, which allows cybercriminals to tailor their campaigns and launch difficult-to-detect attacks. As the threat environment intensifies, SFOs can take key steps to secure and protect themselves from cybercrime.
Reduce the Digital Footprint
The more publicly accessible information there is about a family, the easier it becomes for criminals to strike. Attackers build their profiles using public or breached information, making it essential to reduce an SFO’s digital footprint and protect online accounts from being infiltrated.
A good first step is to use services that automate the removal of personal, financial, and behavioral information from data brokers before it is sold to other organizations. Next, delete dormant or unused accounts, especially those tied to shared email addresses. Eliminating what’s no longer in use reduces exposure.
Practicing strong password hygiene is another critical measure for staying ahead of cyber criminals. Password managers and two-factor authentication (2FA) services help keep logins secure. If family or staff email addresses or passwords may have been breached, tools like Have I Been Pwned can notify users when this information appears in a data breach.
Focus on High-Risk Accounts
It isn’t necessary to secure everything at once. Begin with the 20% of accounts that pose 80% of the risk – those tied to identity, money, and communications.
Email accounts are a common entry point for phishing, wire fraud, and ransomware. Use strong, unique passwords and enable 2FA. Most financial and healthcare accounts allow users to monitor login history and set transaction alerts – review this account activity regularly.
To help protect against identity theft, freeze credit and set up fraud alerts for family members. Regularly check for fake or duplicate social media profiles to ensure family members are not being impersonated. It’s also important to review what family and staff share on social media, as names, locations, schedules, and photos can all increase exposure.
Extend Protection to the Home
In today’s age of smart homes and remote work, the SFO security perimeter goes beyond the office into the home.
Ensure phones have PINs, and tablets and laptops have strong passwords, up-to-date software, and remote wipe capabilities in the event a device is lost or stolen.
Strengthen Wi-Fi networks by regularly changing default names and passwords, enabling the latest encryption technology, and setting up guest networks. Smart devices, such as locks, cameras, and thermostats – which often run on outdated software – should be placed on an IoT network separate from other sensitive devices. Update firmware regularly and replace devices that lack security safeguards.
Don’t Overlook the Human Factor
Even with strong technical defenses, human error remains the last – and often most critical – line of defense. Cybercriminals frequently rely on exploiting human behavior rather than breaching systems.
Attacks may begin with something as simple as a pop-up scam, a malicious link, or an unsolicited call. As AI-powered tactics grow more sophisticated, regular training becomes essential. Help staff and family members recognize phishing, fraud, and social engineering attempts, and encourage strong digital hygiene.
Establish a clear step-by-step protocol for verifying and reporting suspicious activity. Minimize oversharing on social media and encourage direct communication for anything urgent or sensitive. Identify a go-to list of external cybersecurity experts or advisors who can provide rapid response and trusted guidance in the event of a breach.
Securing Today to Safeguard Tomorrow As cyber threats grow in frequency, scale, and complexity, SFOs must prioritize a comprehensive, proactive defense strategy that combines modern security practices with strong human awareness. While no system is foolproof, focusing on high-risk areas, reducing digital exposure, and supporting the people on the front lines can help protect the privacy, safety, and legacy of the families they serve.