High-net-worth individuals and affluent families face significantly higher risks of being targeted by criminals because of their wealth. Fortunately, a wide range of family office security services are available to family offices to ensure their clients’ security and well-being. Here are the kinds of security services available to family offices and their clients, and a few service providers specialising in this area.
Single and multi-family offices are susceptible to various physical and digital security risks. Risk management is crucial in mitigating these risks, as detailed in Deloitte’s family office Protecting Legacy guidebook. Cybersecurity has recently emerged as the most significant security threat these offices face. With increased digitisation and online investment, cybercriminals have targeted wealthy families. Up until now, more than a quarter (26%) of family offices have reported being victims of cyberattacks. However, offices may encounter many other security risks, such as investment fraud, identity theft, kidnapping, and ransom.
How can family offices mitigate these risks?
The approach to security measures depends on many factors, including the family office’s specific priorities, size and experience. Some security services can be managed in-house, such as employing security personnel and setting up surveillance cameras. Other services require collaboration with third parties, while a few are best outsourced due to their specialised nature. Implementing a robust security program and partnering with expert service providers can significantly enhance the security posture of a family office.
