Family offices lack cybersecurity plans – study

Nearly 43% of family offices globally have suffered cyber attacks in the past two years, yet many lack adequate protection, according to Deloitte’s Family Office Cybersecurity Report 2024. Among those targeted, half experienced three or more incidents. Despite the threats, 31% of family offices have no cyber incident response plan, while 43% admit their plans need improvement. North American family offices reported the highest rate of attacks at 57%, followed by 41% in Europe and 24% in Asia-Pacific. Larger family offices with over USD1bn in assets were more frequently targeted. Phishing and malware were the most common attack methods. The sector, holding over USD5.5tr in assets, is projected to grow to USD9.5tr by 2030.