With their large wealth and small staffs, family offices have become lucrative targets for hackers and cybercriminals, experts say.
Family offices, which manage significant amounts of money for wealthy families, often with small staffs, have become lucrative targets for hackers.A recent survey shows less than a third of family offices say their cyber risk management processes are well-developed.A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer.
"It's the Willie Sutton effect," said Edward Marshall, global head of family office and high net worth at Dentons, referring to the famous bank robber who targeted banks "because that's where the money is.". Since family offices value efficiency and speed over risk management, he said, today's family offices often don't have adequate technology and planning in place for possible cyberattacks.
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