The Evolution of Cybersecurity

How important is cybersecurity to you?

If you’re like many family offices, it’s up there as a top priority: in the latest FOX benchmarking survey on family office technology, data security was cited as the top technology concern of FOX members. But what is your office doing about it?

FOX benchmarking has found that family offices’ focus on cybersecurity has come a long way, with families and executives taking note of high-profile hacking stories and heeding the warnings of industry experts and taking action to address their own cyber-based risks.

In this video from The Chertoff Group, Fall Forum keynote speaker Gen. Michael Hayden—a former Director of the Central Intelligence Agency, former Director of the National Security Agency and principal with The Chertoff Group—delves into the evolving attitude of board members and C-suite executives toward the issue of cybersecurity:

As Hayden elaborates, in 2009, when he was first starting to work in the private sector, many internal discussions about cybersecurity were anchored by how much those efforts would cost. “I don’t want to be overly optimistic,” Hayden says, “but I don’t think that’s true anymore. It’s certainly not as true, but frankly I don’t even think it is true anymore.” Today, family office executives and wealth owners are realizing that sufficient cybersecurity is a pre-condition of doing business in the modern world—the risks of having data stolen or networks infiltrated is just too great to leave things to chance. The discussion, Hayden says, is not about protecting your bottom line by minimizing cost. Instead, it is ‘How do I (protect myself) by investing wisely in this?’”

Gen. Hayden will elaborate on cybersecurity and other risks to ultra-wealthy families in his session “Understanding Dynamic Geopolitical Events and Risks” at the 2016 FOX Fall Forum. Click here to learn more >>