RECAP: 2018 FOX Family Office Forum

The FOX Family Security Workshop took place immediately following the FOX Family Office Forum.  We were joined by more than 70 professionals for this inaugural workshop.  

According to our pre-event survey: 

• Security is one of the top two concerns for families 

• Only 44% have a dedicated security resource  

• 37% have a security resource on staff and 63% outsource 

The workshop was organized around three key areas: personal, physical and cyber security and highlights from the sessions include: 

• Hacking Demystified -- In this interactive session, experts from Plante Moran illustrated the importance of strong security controls through live, real-world examples of hacking.   

  • Key takeaways include: Hackers are counting on their victims to make a convenient choice versus the right choice.  It is important to have the right controls in place to avoid hacks that can prove to be costly and result in a reputation risk for the family. 

• Protecting Your Family: The Importance of a Holistic Approach – Rob Gray and Eric Powell, family security directors for two single-family offices, shared strategies they've employed and led a risk-assessment exercise with participants. 

  • Key takeaways include: Families should make it a top priority to create a robust security program. Don't wait until there is a crisis to put a plan in place. 

• Be a Better Partner: Strategies for Securing Your Communication with Trusted Advisors – Steve W. Locke, technology security expert at Northern Trust, covered current threats, how to monitor and mitigate risks, and what a family office can do to implement security practices that will protect their financial assets and transactions.   

  • Key takeaways include: Create a protection plan, keep devices up-to-date, be cautious with public Wi-Fi especially when traveling, have strong authentication across your systems, be wary of suspicious emails, keep a back-up of your data, and know who to call in a crisis. 

• A Hacker's Guide to Physical Security – Security consultant Brent White demonstrated methods of bypassing popular physical security controls, using only publicly available tools and social engineering. 

  • Key takeaways include: Create a culture of security with employees.  Go beyond annual security awareness, and focus on establishing an understanding with employees of how to manage security risks.  Employees are the first barriers to prevent security compromises. 

• Personal Security 101 – Rob Gray and Eric Powell also led this session focused on personal security. From travel safety to the skill sets to look for in a bodyguard, the session provided information, tips, and tools needed to make smart, practical decisions about personal security for the family office and the family. 

  • Key takeaways include: A security process should be looked at just like a process for evaluating business and investment risks. Implement procedures to assess personal security risks and create strategies to address them. 

• Cybersecurity: Policies and Practices for Every Family - Cory R. Lunn of Wolf & Company, P.C discussed how to have productive conversations with family members about cybersecurity, how to enhance your current practices, and what steps you can take to develop and maintain a strong cybersecurity program. 

  • Key takeaways include: Education across the family is key.  Create strong passwords, be aware of how to identify phishing attempts, avoid unsecure Wi-Fi, always apply firmware patches on devices, and be cautious of sharing personal information through social media. 

Look for forthcoming articles that will provide greater detail on these important security topics.