We’re pleased to provide you with insights like these from Boston Private. Boston Private is now an SVB company. Together we’re well positioned to offer you the service, understanding, guidance and solutions to help you discover opportunities and build wealth – now and in the future.
Surveying the landscape of risks and threats
If 2020 has taught us anything, it is the importance of planning and preparing for the unexpected. Our survey of over 200 family office executives has uncovered some worrying approaches to the threats facing family offices, including risks stemming from insider threats, as well as health, cyber, family, investment, and employment-related matters.
Poor risk management mindsets
A change in mindset is a need at many family offices, which either underestimate threat levels (47%) or are complacent about risks (41%). Limited staff , as well as an emphasis on cost and convenience, are other obstacles to better risk management.
Prevalence of cyber attacks on family offices
Over a quarter (26%) of family offices have suffered a cyberattack. In almost two-thirds of these cases, it happened within the last 12 months.
Underestimating cyber risks
Small and newer family offices underestimate both the likelihood (15% compared to 25% at larger family offices) and potential impact of cyberattacks (38% expect a major or catastrophic impact from a cyberattack compared to 52% of larger family offices). Older and larger family offices are more likely to have implemented cybersecurity measures (60% versus 31% for newer family offices).
Read our full whitepaper detailing the results of this survey, along with practical tips and recommendations from our experts that you can implement at your family office.
