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Amid the growing excitement surrounding generative artificial intelligence (AI) and other emerging technologies, CFOs in asset management and banking remain keenly focused on the impact that these tools can have on their clients. AI is enabling asset management firms to provide investors with valuable insights from extensive datasets, assisting them in selecting the most profitable strategies. Similarly, technology is aiding banks in serving their customers more effectively and efficiently, fostering long-term relationships.

The U.S. Securities and Exchange Commission (SEC) released the Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure Rules in August 2023, requiring registrants to provide and report timely information about their cyber risk so that investors can make informed investment decisions. With the rules in place, the SEC expects that companies will apply materiality considerations for cybersecurity incidents as they would be applied regarding any other risk or event—through the lens of the reasonable investor.

New cybersecurity guidance for artificial intelligence (AI) systems was issued jointly by the U.S. Cybersecurity and Infrastructure Security Agency, the FBI, the National Security Agency’s Artificial Intelligence Security Center, and cybersecurity agencies of Australia, New Zealand, the U.K., and Canada. The Guidelines, Deploying AI Systems Securely: Best Practices for Deploying Secure and Resilient AI Systems, are particularly notable because they focus on best practices for organizations that deploy AI developed by a third party rather than targeting developers of AI systems.

Despite cybersecurity being noted as a top priority according to PwC’s 2024 Global Digital Trust Insights survey of 3,876 business and tech executives at the largest global companies, the actual progress on improving security is sluggish, even stagnant. By making one or two bold moves to put security at the epicenter of innovation, the top companies are positioning themselves for greater productivity and faster growth as they dive into new technologies with confidence that they are well protected.

The evolution of cybersecurity threats is increasing at a rapid pace and becoming more sophisticated as they leverage the same advanced technologies and methodologies as cyber defense tools. No longer are cyberattacks focused primarily on financial incentives, they are also aiming at maximizing operational disruption.

The tech industry has been undergoing a difficult period. Economic instability, high inflation, and rising interest rates have prompted tech companies to reevaluate their business strategies, adjust their growth plans, and revisit their staffing models. At the same time, there have been remarkable advancements with generative artificial intelligence (AI) taking center stage and ushering a new era of technology. This acerating pace of tech innovation continues to introduce new business opportunities across industries.

Cybercriminals have migrated their attacks from larger businesses and hardened targets to private wealth clients and family offices, where the defenses are low or non-existent. In this webcast, hear from Dr. Chris Pierson, CEO of BLACKCLOAK, a Concierge Cybersecurity & Privacy Protection Platform that represents private wealth and family offices in their digital lives.

The key to success of any risk management plan is the development of an “all risk” approach that takes the entire family enterprise into account. Through a survey of more than 200 family office executives at single and multi-family offices, an uncovering of some worrying approaches has surfaced around the risks that family offices face, particularly cyber risk, family-related risk, investment risk, and employment-related/insider risks.

Although malware is predominantly delivered via email, the types of entry points continue to evolve, and many will not be caught by a family office firewall. So, it is crucial to build a first line of defense, and it starts with employee security awareness training, testing, and auditing. Mitigate the cybersecurity risks in the family office by deploying the top 10 internal controls.