The cyber world is ripe with risk and threats that can materialize into a real attack. Family offices lack the skills necessary to identify these issues because they lack the technical proficiency, are too busy working on investments, or there is a shortage of awareness of the cyber risks surrounding them. To avoid becoming a cyber statistic, it is imperative a sound cyber security strategy be developed and implemented. However, to determine the best plan forward, family offices need to accept the fact that cyber risks and threats are real, and that they are no less a target than the large institutions of the world.
Many family offices are not regulated, and because of this, they are not motivated to do what needs to be done to protect themselves and their investments against cyber threats. It is due to this mentality that they are at even more risk of being breached.