Digital transformation has been one of the most impactful evolutions for businesses across the world, with its technology-focused growth model enhancing business efficiencies in nearly every industry across the globe. However, despite its merits, the family office industry has been one of the slowest to adapt to it, perhaps due to the extremely sensitive and complicated nature of its operations.
The Cybersecurity Consideration in Digitisation
The financial services industry has always been an attractive target for cybercrimes. However, major institutions like banks have realised this and bolstered their cybersecurity to virtually impenetrable levels. However, this is different in the case of family offices. In fact, a recent EY study of single-family offices highlighted that over 61% of respondents have no defined cybersecurity protocols in place despite over 74% actually experiencing some form of cyber breach in recent years.