Family offices vulnerable to AI-driven fraud, survey shows

Family offices managing ultra-high net worth wealth face mounting cyber threats, yet many remain underprepared due to limited investment in IT and cybersecurity. A Deloitte survey showed 43% experienced cyber attacks in the past two years, with half facing multiple breaches. Despite this, only 11% reported being well protected. The emergence of AI-enabled scams has heightened risks, with attackers using voice and image mimicry to defraud victims. Experts say family offices, often lacking robust digital infrastructure, trail behind institutional peers in cybersecurity maturity. Citi has issued a white paper offering a cybersecurity framework to address growing vulnerabilities. Analysts warn that the combination of high-value targets and underdeveloped systems leaves these entities particularly exposed amid an increasingly organised global cybercrime landscape.