It is evident that the cyber security and cloud outsourcing technology landscape is changing rapidly. Family offices need to understand what cyber threats really matter, how to manage new risks inherent with cyber threats, and the key differences in going from public to private to hybrid cloud models.
At a recent family office luncheon in New York, the Eze Castle Integration team educated substantial families on the trends and insights it has garnered in past years as the premier provider of managed services and technology solutions to family offices.
According to Eze Castle, two cyber threats pose the biggest risk to family offices. Ransomware, which is malicious software designed to block access to a computer system until a sum of money is paid,is a major threat. Social engineering attacks and phishing, which attempts to obtain sensitive information such as usernames, passwords, and credit card details and money, often for malicious reasons, by disguising as a trustworthy entity,is another key issue that requires advance preparation.
In addition, families must know how to protect their data and identity, including Personally Identifiable Information (PII) or data that could potentially identify a specific individual.
Another key challenge is that people are no longer storing data in one place and require security patch management based on enhanced engineering systems. It’s important to know the difference between public and private cloud and know where you are comfortable storing your family data. Mobile device management is one of the most important things to watch and it’s likely that a family office needs to close look at whether a complete data management policy revamp is needed.
With the proper cyber security systems in place it is indeed possible to defeat intrusion in real time. Local, next generation fire walls are available and need to be secured.
Eze Castle Integration has offices across the United States as well as London, Hong Kong and Singapore. For more information on Eze Castle Integration, contact them today at https://www.eci.com/contact/. They support more than 650 clients around the world. Their fully managed IT and cloud solutions are industry-leading and they pride themselves on providing the highest quality levels of service and support to clients each and every day.