Survey finds rise in cyberattack threat perception among family offices

Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.

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May 16, 2024

4 months ago

Family offices are concerned about risks ranging from the geopolitical to cyberattacks and yet face “major gaps” in their efforts to mitigate those risks, according to The Evolving Risk Landscape for Family Offices survey, conducted by the global law firm Dentons.

The report highlights the following trends:

A slim majority of family offices conduct risk assessments regularly, with 54% saying they participate in risk mitigation/security training and risk programs.
More than 70% of family offices say the likelihood of a cyberattack has increased dramatically, but only 31% have sophisticated risk management programs in place, and just 29% say that their training programs are sufficient.
Only 32% of families surveyed have an emergency-response plan to address aviation-related crisis situations.
Only 48% of family offices have cyber insurance, though they’re concerned about cyberattacks.

Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.