Spears: Majority of family businesses experienced cyberattacks in past two years
‘Cybersecurity should not be considered a point in time activity but should form a part of the very set up of a Family Office throughout their lifecycle.’
Lucy Burnford comments in Spears Magazine on the latest Family Business Report from Deloitte Private.
Nearly three quarters of family businesses globally have experienced cyberattacks in the past two years according to the latest report from Deloitte Private, resulting in financial and reputational losses in many cases.
Family Offices in particular are high information risk organisations, yet few have prioritised cybersecurity, which offers opportunity for significant exploitation. The combination of access to sensitive client data, and planning and managing financial transactions with the fact they are boutique in size makes them an ideal target for financially motivated cyber crime.