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cybersecurity

Prioritising risk management for family offices

February 21, 2020

An inconvenient side effect to living in today’s fully digitised world is that threats have also gone digital—become more difficult to discover, track and neutralise. All financial institutions are now faced with the colossal task of protecting against increased threats to their business, no matter how ‘under the radar’ their profiles have traditionally been—family offices included.

Getting fit for the future: Prioritising cybersecurity, investment and succession

June 3, 2019

As operating environments become increasingly competitive and complex, the family office of the future will need to become savvier about their investment strategies while tackling challenges such as cybersecurity and succession, experts say. The ones that do not risk sleepwalking into disaster.

Early in 2019, a 20-year-old German man admitted to police that he was behind one of the country’s biggest data breaches where hundreds of documents containing private information of a thousand public figures were leaked online.

Irish family businesses alert to Brexit, succession and cybercrime

January 30, 2019

Slowing growth with Brexit as the obstacle, loose succession planning and the rise of cybercrime are the challenges keeping Irish family business leaders awake at night, according to research.

Slowing growth with Brexit as the obstacle, loose succession planning and the rise of cybercrime are the challenges keeping Irish family business leaders awake at night, according to research.

However, Ireland performed slightly better than global counterparts on particular areas of diversity. A quarter (25%) of Irish family business board members were female compared to 21% global and 28% of Irish family management teams were women, PwC’s 2019 Irish Family Business Survey discovered.

Common Reporting Standard and Internet of Things may increase cyber risk to family offices

October 8, 2018

With cybersecurity breaches at well-known companies hitting the headlines, it is easy to believe that family offices which maintain a low profile would not be a prime target for digital fraud.

With cybersecurity breaches at well-known companies hitting the headlines, it is easy to believe that family offices which maintain a low profile would not be a prime target for digital fraud.

However, this ignores the attractiveness of the information that is stored by a family office, their advisers and their financial institutions—information and data which is potentially useful to criminals who wish to steal from, harm or damage the reputation of a wealthy family.

Cyber-Attack: The Incident Response Team

April 17, 2018

Blind panic may be the first response to a cyber-attack, but family businesses and family offices need not fear if they follow training and a steady response. Three cyber experts at Schillings tell Daniel Bardsley how to react

Few things are worse for an organisation than falling victim to a cyber-attack, not least because the consequences can go well beyond the direct effects of having data leaked or made inaccessible.

The reputational damage can prove fatal.

Global cyber threat to businesses to grow in 2018

January 17, 2018

Business leaders are being urged by the World Economic Forum to boost their cybersecurity as the scale and sophistication of cyber-attacks is predicted to grow in 2018.

Business leaders are being urged by the World Economic Forum to boost their cybersecurity as the scale and sophistication of cyber-attacks is predicted to grow in 2018.

Expanding family offices set for bolder investments in 2018

January 11, 2018

Investment performance and appetite in family office portfolios, along with the number and size of family offices, are expected to grow in 2018.

Investment performance and appetite in family office portfolios, along with the number and size of family offices, are expected to grow in 2018.

The development of new investment opportunities was one of the key family office trends predicted for the New Year. Exploring new territories and markets with direct, co-investments and buy-outs in a generally favourable world economic climate were forecast for the coming 12-months.

How can I protect my family office from cyber-attacks?

November 8, 2017

Cybersecurity regularly grabs headlines around the world and family offices containing sensitive data are not immune to the threat from international hackers.

Cybersecurity regularly grabs headlines around the world and family offices containing sensitive data are not immune to the threat from international hackers.

Bobby Stover, Americas family office leader at EY, outlines what families can do to protect themselves, including building out a 10-point family office cyber protection plan.

How would you describe the state of family offices and their cyber security in general at the moment?

Cybersecurity not a priority despite breaches costing UK firms $38 billion

August 4, 2017

Senior managers in finance and insurance are the most concerned about cybersecurity but only 60% classify it as a “very high priority,” research finds.

Senior managers in finance and insurance are the most concerned about cybersecurity but only 60% classify it as a “very high priority,” research finds.

London-based property firm Savoy Stewart called on businesses to take cybersecurity seriously after it looked at research by Gov.uk on the attitudes of more than 1,500 UK companies in 11 sectors.

Women in leadership and robust succession planning among hallmarks of successful family businesses

May 1, 2015

The overwhelming majority of successful family businesses have a clearly identified individual responsible for succession planning, and 70% are considering a woman for their next CEO, new research has found.