Deloitte: As Family Offices Grow, Cybersecurity Comes into Focus

Deloitte's newly released "Family Office Cybersecurity Report" highlights the increasing urgency for family offices to address cybersecurity threats as their operations and asset base expands.

The report reveals that 43% of family offices globally have experienced a cyberattack in the past 12 to 24 months, with North American offices reporting the highest incidence at 57%. Phishing remains the most common form of attack, affecting 93% of those targeted.

Despite the prevalence of these threats, nearly one third of family offices lack a comprehensive cyber incident response plan. While many have implemented basic security measures such as strong passwords and multi-factor authentication, there is a notable deficiency in more advanced protections, with 50% lacking a disaster recovery plan and 63% not having cybersecurity insurance.

As the frequency and sophistication of cyberattacks rise, 22% of family offices now consider cybersecurity a top risk for their operations. The report emphasizes that strengthening cybersecurity protocols is not only essential for protecting assets but also a critical component of overall risk management.

Access the report here.