High-net-worth individuals (HNWI) have special needs when it comes to technology and cybersecurity. They often require a complete team of people to assist them with their estates from landscapers to estate managers. When a family office requires tools such as an estate manager, they are large enough to also need a cybersecurity technologist to protect its assets. That’s where ORAM Corporate Advisors comes in.
What is a Family Office?
A family office is a private wealth management advisory firm that supports the unique needs of HNWIs. Whether a long affluent family or a newly wealthy individual, family offices provide a team of individuals to protect the family or individual’s assets with services from budgeting and insurance to tax services and charitable giving.
Technology, Cybersecurity & the Family Office
As a family or individual with such large assets, they typically have a target on their back, even if they are not considered high-profile. Cybercriminals are looking for large paydays when it comes to breaches and an HNWI is an ideal target. That’s why employing the best technology and cybersecurity are so imperative to protecting the wealth of the family or individual.
When it comes to a family office, the term doesn’t just refer to a business owned and operated by the HNWI or family, but the individual, entire family, and any businesses owned and operated by them. It also includes the team of people that supports and protects them. This means protecting everyone from the mother and father, the children, extended family, and even staff members working within the household and in the organizations owned and operated by the family office.
Protecting the Family Office
When it comes to protecting the family office, technology and cybersecurity must be constantly employed to secure assets from nefarious actors. No family office is too small to become a victim and proper cybersecurity is a necessity in today’s world where breaches are on the rise.
In the report Surveying the Risk and Threat Landscape to Family Offices: Insights and Recommendations by Dentons, 26 percent of family offices report having suffered a cyberattack. Additionally, the report showed that 17 percent of family offices suffered a cyberattack in the last 12 months. Furthermore, Dentons reported that underestimating threats and complacency are serious obstacles to the risk management of family offices with 47 percent underestimating threat levels, 41 percent being too complacent in their approach to cybersecurity, and 38 percent citing cost as a reason for failing to properly implement cybersecurity.
According to EisnerAmper, statistics show family offices are at an increasingly higher risk for targeted data breaches. A recent UBS Global Family Office Report 2022 warned, “Cybersecurity will also increase in terms of cost. It’s a very high agenda point at the board and family level.” Wealth Briefing Asia reported that the USB also showed nearly half of family offices in both the United States and Switzerland were worried about cybersecurity and the danger of being hacked due to the fact significant wealth is involved.
ORAM Corporate Advisors is a tool in the tool belt to protect and manage the family’s assets. As information technology (IT) and cybersecurity specialists, ORAM has the knowledge and experience to properly protect the entire family just as we would any company, corporation, or business entity.
ORAM handles all of the technology and cybersecurity needs in the home, office, and beyond from providing secure Wi-Fi in a vehicle to parental controls on children’s connected devices. We handle the security of internet of things (IoT) devices such as Nest, Amazon, and Alexa and the use of technology to ensure the physical security of the home and workspaces for the individual and/or family. ORAM tailors its services and solutions to achieve the goals for each family office it serves.
Our professionals manage the procurement of technology such as personal computers, laptops, and mobile devices for all of the family office’s needs. For example, when one of the children needs a laptop for school, they call us. When their computer gets a virus, they call us. When they have an IT question, they call us.
At ORAM, we utilize the latest and greatest technology available to ensure the family office is able to function and operate as securely as possible with the most ease of use. For more information about how ORAM can achieve the technology and cybersecurity needs of your family office, contact ORAM Corporate Advisors now at (617) 933-5060.