RESEAR CH
Getting fit for the
future OUTLOOK
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.
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CAMPDENFB.COM
arly 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. What shocked authorities, however, was
the man had no formal IT training—he had just collected information from publicly available sources and taken advantage of unsophisticated passwords. The revelation drew the ire of the interior minister Horst Seehofer, who urged the public to increase their sensitivity towards cybersecurity. For family offices, cybersecurity ranked
LAST YEAR,
31% OF FAMILY OFFICES
REPORTED TO HAVE
SUFFERED
FROM ONE OR MORE CYBER- ATTACKS, BUT ONLY 52% HAD CYBER PLANS IN PLACE.
highly among key risks for the year, with a quarter (29%) highlighting the importance of protecting against cyber-attacks. Last year, 31% of family offices reported to have suffered from one or more cyber-attacks, but only 52% have cyber plans in place. Lily Kennett, director of intelligence at
Schillings, says families should be looking at cybersecurity as a human issue rather than a technological one. “Because cyber-attacks involve computers
and networks, most people regard it as a technical concern and leave it in the hands of an IT expert,” Kennett says. “Best practice involves a multifaceted approach and needs behavioural and organisational training and education, as well as technical resilience. “More cyber-attacks rely on manipulating human behaviours to gain access to a system so principals should audit their own public
ISSUE 75 SUPPLEMENT | 2019
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