Networks - Data Security/Technology

For family offices of all profiles—large and small, established and brand new—there are dozens of technology solutions available. In the first of the Family Office Series report, the focus is on technology, a topic that some families find daunting and neglect at their own risk.

Cybersecurity risk creates a vexing set of challenges for family offices, high net worth families and executives, who, like any other business, would be well-served to make cybersecurity an important part of their estate planning and asset protection strategies.

High net worth families and their respective offices, as well as family-owned and operated businesses, are facing increasingly complex security risks in both the physical and cyber domains.

Purchasing a wealth management technology solution is a significant business decision for your firm. You have likely been tasked with sourcing a platform that meets the needs of your principals, your team and your stakeholders.

The wealth management industry is constantly reinventing itself, and with every passing year, firms continue to push software vendors to deliver features and functionality that not only enhance their existing solution but offer an unparalleled experience.

Ransomware has become one of the top threats to data stored on company networks and personal computers and will continue to be a top security concern in the coming years.

Business impersonation scams are a large and growing risk for high-net-worth individuals, closely held business owners, and institutions. Scams have claimed victims in all 50 states and more than 100 countries and there is every reason to believe the threat is growing.

News reports show large-scale data breaches are on the rise and affecting large retailers and even consumer credit organizations. There are numerous categories of cyber crime, but the ones that affect the most victims include identity theft, credit card fraud, and social networking scams.