Protecting the family's assets from cyber threats.

Family offices face a uniquely complex cyber risk landscape. Unlike traditional businesses, they are responsible for protecting not just operational data but also highly personal information tied to wealth, family dynamics, lifestyle, philanthropy, and reputation. Yet many family offices only act after an incident has occurred, often investing in security reactively to prevent “the next one.”

In the family office space, it is widely recognized that anchoring cybersecurity strategy around a reputable risk framework is essential. Engaging a third-party firm to perform a comprehensive cybersecurity risk assessment using a framework such as the Center for Internet Security (CIS) Controls or NIST will uncover vulnerabilities and establish a prioritized remediation roadmap. Once a family office aligns itself with these frameworks by addressing identified risks, it inherently establishes a robust cybersecurity program, as the frameworks themselves mandate core cybersecurity elements like defined incident response plans, vendor management, secure communication, and ongoing vulnerability management.

The Critical First Step: Third-Party Risk Assessments

Family offices should start their cybersecurity journey by engaging a reputable third-party cybersecurity firm to perform a comprehensive risk assessment. These assessments leverage established cybersecurity frameworks such as CIS RAM, NIST Cybersecurity Framework, or ISO 27001.

Reputable third-party cybersecurity assessment firms include Annapurna Cybersecurity, Plante Moran, and PwC.

A rigorous third-party risk assessment accomplishes the following:

  • Inventory of Family Assets: Catalogs all network infrastructure and devices across every owned network, including the family office itself, homes, vacation properties, vehicles, aircraft, personal devices, business systems, cloud services, and communication channels.
  • Identify Vulnerabilities: Highlights areas of greatest risk or exposure, including gaps often overlooked by traditional enterprise cybersecurity teams.
  • Prioritize Remediation: Collaboratively prioritizes identified risks based on their potential impact on the family’s security, privacy, and financial health.

Developing and Implementing a Cybersecurity Program

Once a family office has completed its risk assessment and remediated identified vulnerabilities in alignment with a recognized cybersecurity framework, it will have inherently established a comprehensive cybersecurity program—because the assessment would have verified the presence of the key building blocks of such a program. Essential components of a cybersecurity program typically include:

  • Written Information Security Program (WISP): Clear documentation detailing roles, responsibilities, acceptable use, incident response, and continuity plans.
  • Family and Employee Cybersecurity Training: Education tailored for both employees and family members, addressing vulnerabilities presented by personal device use, travel, and digital communication.
  • Continuous Vulnerability Management: Regular scanning, patching, and proactive threat hunting through advanced endpoint detection and response (EDR) and security monitoring tools.
  • Network and Remote Work Security: Secure configurations, proper network segmentation, remote access protections, and monitoring across personal and professional environments.
  • Vendor Due Diligence: Assessing cybersecurity practices of third-party vendors accessing or storing sensitive family information.
  • Incident Response and Recovery Planning: Detailed playbooks to swiftly and effectively respond to cybersecurity incidents, minimizing disruption and preserving privacy.

Addressing Gaps Beyond Traditional Frameworks

Family offices must recognize that standard cybersecurity frameworks primarily cater to corporate environments and often inadequately address personal and family-specific cybersecurity risks—this is why choosing a third-party risk assessment partner with family-office experience is key. A firm that has worked extensively with family offices and ultra-high-net-worth families will be able to coordinate your entire cybersecurity effort, often bringing in specialized third parties to address any gaps uncovered during the assessment.

Common gaps and specialized providers include:

  • Personal Device and Privacy Protection: Frameworks typically assume managed IT environments. Family members frequently use personal, unmanaged devices, requiring specialized cybersecurity solutions such as those provided by BlackCloak and Total Digital Security.
  • Deep and Dark Web Monitoring: Families may be unaware of personal information circulating on open-source platforms or dark web marketplaces. Specialized services like 360 Privacy and Hush are essential for monitoring and mitigating these exposures.
  • Credit and Identity Management: Proactive monitoring and management of family members’ credit profiles and financial identities, including credit freezes, monitoring services, and IRS-issued Identity Protection PINs (IP PINs). Providers like IdentityGuard offer a tailored solution.
  • Managed Service Provider (MSP) Partnerships: Family offices will likely need MSP partners experienced in family office environments, such as Pro4ia, Omega Systems, or Thrive Networks, to manage technical infrastructure, ongoing monitoring, and day-to-day cybersecurity management.
  • Audio-Visual (AV) and Home Technology Providers: Family offices should scrutinize AV and home-technology partners to ensure residential network infrastructure is secured against cybersecurity threats—especially since AV vendors often prioritize uninterrupted system uptime over rigorous security controls, when a proper balance is essential.

By proactively addressing cybersecurity through this integrated and strategic approach, family offices can safeguard their assets, maintain privacy, and protect their reputations in an increasingly complex digital landscape.

Be sure to watch the WealthTech Podcast episode below, where Annapurna Cybersecurity CEO, Tony Gebely lays out this approach: