Other - OCTOBER 15, 2020

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Boston Private releases survey on threats to family offices

by Released

An online survey conducted by Boston Private of more than 200 family-office executives at single- and multi-family offices, primarily in the United States, has uncovered some worrying approaches to the risks family offices face.

The report’s highlights include:

A need for better insider threat procedures: Eight in 10 (81 percent) family offices do not conduct periodic background checks on personnel. Prevalence of cyber attacks: More than a quarter (26 percent) of family offices have suffered a cyber attack, with almost two-thirds of the reported cases occurring within the last year. Potential vulnerabilities from known external partners: More than a quarter (28 percent) of family offices have never carried out a review of the risks posed by third-party vendor relationships. Lack of readiness for major disruptions: Almost three in 10 family offices (29 percent) did not
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