ESSENTIAL CYBERSECURITY Considerations for the UHNW Family During the Holidays and Beyond

ESSENTIAL CYBERSECURITY CONSIDERATIONS

for the UHNW Family During the Holidays and Beyond

With holiday activities in full swing, it is important to remain cautious of cyber criminals who seek to target families who may temporarily have their collective guard down. Everything from increased travel, making more online and inperson purchases, and hosting guests for holiday parties exposes families to a heightened risk of cyberattacks and other electronic fraud. While families must remain vigilant during the Holidays and beyond, the positive news is that many if not most cyberattacks and mishaps can be avoided completely by taking a few simple preventative actions that are outlined below.

By Hayden A. Kopser

1. CYBERSECURITY TRAINING FOR FAMILY OFFICE & DOMESTIC EMPLOYEES

When family office and domestic employees have access to a family’s confidential information or Wi-Fi connection while in the family’s homes, they should be treated like corporate employees and receive annual training on Cybersecurity best practices. Every internet connected device, and every individual using them, is a potential vulnerability. Employee training may seem like a simple solution for basic protection, but it is one of the most powerful tools a family can use to protect themselves, their personal data, and their reputation from attackers. Adequate training can run the gambit from web-based Cybersecurity courses to in-person meetings including the family, their staff, and Cybersecurity specialists.

2. OFFERING GUEST WI-FI AT HOME & AVOIDING PUBLIC WI-FI USE

Poor Wi-Fi management and risky Wi-Fi use can easily lead to hacks and privacy intrusions. One of the most basic methods to keep home Wi-Fi secure is to have an internal sign-in and password for the family, and a separate guest Wi-Fi for domestic staff, visitors, and services providers. Having friends over for the holidays is great, but it should be done with Cybersecurity in mind. Hacking a guest Wi-Fi will typically be of limited utility to criminals but hacking the main Wi-Fi of a home can lead to a lengthy list of fraud incidents and privacy violations. When away from home and considering whether to connect to a public Wi-Fi, the safest option is always to choose not to. Not only are many public Wi-Fi offerings poorly secured, but hackers have been known to set up fake public Wi-Fi's in busy areas, then trick unsuspecting users into signing in and unknowingly giving away data, like their credit card information and account passwords. There are numerous mobile hotspot options available from internet service providers, and families would be wise to purchase these better-secured devices instead of relying on public Wi-Fi.

3. SETTING SOCIAL MEDIA ACCOUNTS TO PRIVATE AND/OR WAITING TO POST

Staying off social media entirely may be too great an ask for most families during the holidays. However, keeping the accounts of parents, children, and traveling domestic employees private can help to avoid both embarrassing PR scenarios as well as cluing burglars and kidnappers in on travel plans and temporary home vacancies. When a family or specific family member needs to maintain public social media profiles for career purposes, it would be wise to avoid posting location-based information like restaurant visits and travel pictures until securely back home.

4. DARK WEB & SOCIAL MEDIA MONITORING

Dark Web, credit, and social media monitoring are becoming essential tools for families that are seeking to stay ahead of cyberattacks, financial fraud, and dangerous social media trends. Establishing a relationship with a Cybersecurity firm that can handle these processes and report back periodically with updates is the most logical one-stop solution here. Even basic information like the discovery of private data newly appearing on the Dark Web after a corporate hack can help a family avoid potential cyberattacks and financial fraud. Online monitoring is extremely important and should be considered by all wealthy families, particularly those in the public eye. There are both pre-packaged and custom monitoring options available through many respected firms that can suit the needs of any family.

5. UPDATING SOFTWARE PROMPTLY AND CHANGING PASSWORDS REGULARLY

Keeping software on personal, Family Office, and domestic employee devices up to date is one of the simplest and most important ways to keep a family safe from cyber criminals. Software updates pushed to smart phones, tablets, and laptops are done primarily to improve device functionality and patch up software holes. It is the latter purpose that makes updating promptly each time updates become available so important. Software holes are often discovered after hacks occur, and until software is patched via an update, any exploitable issues within can be taken advantage of by cyber criminals. I recommend setting devices to automatically update whenever software updates are pushed by product developers like Apple and Microsoft. I also recommend changing all account passwords at regular intervals (every 30 - 45 days for the security-minded family). Because this can become a hassle, one of the most efficient ways to maintain and keep passwords up to date is by purchasing password automation and storage software. There are numerous well-designed products available that serve these purposes, and options can be discussed privately with any reader wishing to inquire.