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Webinar Playback: Gaps in Family Office Security - An Opportunity for Awareness

Risk Control Strategies White Paper: Combatting Cyber Security Risks

Slide Deck

 


Listen in for a lively discussion of the Inaugural Alliance Security Study 2012, and a round of Q&A featuring Paul Viollis, Risk Control Strategies, with Tom Livergood and Kate McBride of The Alliance. We’ll include your questions, too, in this latest installment of the The Family Wealth Alliance webinar series, Continued Conversations.

Threats to private families take many forms. Some are chronic, with sustainability emerging as the number one risk, according to single-family office participants. Others are acute, such as travel and health risks, or when a natural disaster strikes. Yet others are unforeseen, such as identity theft via cyber breach, or when fraud silently occurs over time, or when a family’s good name erodes due to reputation management neglect.

The study included these findings:

71% of respondents were “moderately informed” about the everyday security risks they faced, while 21% were “insufficiently informed” and 4% “not informed at all”
71% of firms did not employ a security consultant
29% of households they served had suffered financial fraud incidents
21% had experienced burglary or robbery
17% had experienced ID theft via email or Internet

“Many family offices do not understand the security risks that threaten both their reputation and tangible assets,” James Kane, president of HUB International Personal Insurance, which helped prepare the questionnaire, said in a statement. “Awareness is the first step toward building a practical plan to reduce or transfer the non-investment risks that threaten family offices.”


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