Although businesses and institutions have traditionally dominated the cyber security industry. Now increasingly it is ultra high net worth (UHNW) individuals in need for digital protection. UHNW individuals are waking up to the need for holistic security measures due to some well-publicised information security breaches. They have more devices, they travel more, they may have domestic staff. There is just a greater attack surface for someone targeting them to get through. Which results in a greater need for digital protection. The problem lies in the growing reliance on the internet. That means criminals can attack from anywhere at any time
The wealthy tend to travel more. Using unknown networks to control remote devices or conduct financial transactions, especially abroad. This puts home networks, sensitive financial information, or even accounts themselves at risk. Even more concerning for ultra wealthy individuals is the rise of targeted crime “spear phishing”, where criminals directly target the big fish.
Family offices need to resist the dangerous assumption that cybersecurity is exclusively a technology problem to be delegated to tech employees or, outsourced to third-party providers to fix. Safer risk management requires focus on the people and the business routines that the technology supports and not just the technology alone. There is a growing industry of security professionals and organizations springing up that cater to Family Office security and specifically cybersecurity issues. Family Offices are starting to look to how the largest public companies aim to protect their digital crown jewels from hackers. It doesn’t necessarily mean spending a lot of money, as there are lot recent innovations that help protect infrastructure economically.
The reality today, we’re never 100% safe against a cyber-attack. Our best defense is to revamp how we’ve been approaching security. Move from constantly bombarded, isolated defensive positions. To a united, intelligence-driven collaborative front against cybercrime. To truly fight back as best as we can, we need to collaborate on the same level as hackers, sharing information across industries and organizations to see attacks in real time.
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