RESEAR CH + RANKINGS
SPEED OF RESPONSE
Responding to a cyber-attack and/or data breach
1 2 3 4 5
Family offices often focus on service
rather than security, so they frequently make data freely available to all staff. Restricting access to only those who need it is a better option, as these individuals can be given additional security training. There are many other precautions
organisations should take. A “bad leaver” situation, in which a
disgruntled former staff member leaks or threatens to leak data, can be prevented by improved pre-hiring vetting procedures, tighter contractual arrangements when individuals enter or leave, and the removal of access to the organisation’s systems on exit. “The cost has been huge to families where
they have seen someone run off with their data and it has ended up with a dispute,” says Imison. If all such precautions fail, there is only
one option if a data leak happens: Let clients know immediately. The worst thing, notes Imison, is if they find out from a third party,
GET INFORMED
Questions every family principal, family office, and family business executive should be asking, regularly
1 How do we know if we have ever suffered a cyber-attack, and what monitoring is in place to detect a live or historic cyber-attack?
Don’t panic. Alert superiors or relevant colleagues immediately
Focus all efforts on shutting the attack down
Stop access to any further information
Begin to work out what has been affected and preserve any evidence
Don’t focus on trying to uncover who’s behind it. Only once the attack has been halted and the theft of private and confidential information contained can you turn your attention to trying to uncover those behind the attack
such as the media, or are told there was no problem, only to find out later there is one. However, a small family office might,
quite sensibly, want to deal with a data breach without encouraging outside interest. “You can have all the controls—technical
controls, process controls—to protect your information or organisation, but all it takes is one wrong click by an employee or family member, and all of those controls are immediately circumvented,” Stillig says. And what about unmasking the
perpetrators? By combining their forensic investigations and intelligence capabilities, and by putting their lawyers to work alongside local law enforcement, Schillings has had success in putting cyber criminals in prison. “It is our speed of response that enables
us to get from problem to solution in the shortest possible time,” says Boyd. “Ultimately, how you respond in the first
24 hours to a cyber-attack can make all the difference.”
2 Have we ever independently tested our IT firewall via a penetration test and if so, when?
3 What steps are we taking to strengthen our human firewall such as cyber security awareness training to protect against phishing attacks?
INTERESTED IN RECEIVING THE REPORT? FIND OUT MORE AT
CAMPDENRESEARCH.COM
4 Who has what information on the family and where is that information going, particularly in light of the Common Reporting Standard (CRS)?
David Imison, Schillings
how you respond in
the first 24 hours to a
cyber-attack can make all the difference
Johannes Stillig, Schillings
Magnus Boyd, Schillings
5 When did we last rehearse our incident response plan, and are we clear on who will do what in a crisis?
CAMPDENFB.COM
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