Technology A Wake-up Call For Family Offices: Protect Clients’ Legacy By Safeguarding Their Wealth, Privacy An expert in the field of cybersecurity explains major challenges and potential solutions for family offices and wealthy individuals. The following contributed article is from Christopher Hamilton, who is managing director of alliances at BlackCloak. which recently sponsored a panel at the Family Wealth Report family office cybersecurity forum in New York City. (Panelists at the event were Hamilton – in the role of moderator; Kevin Pechumer, a member of the BlackCloak team; Jennifer Beckage, The Beckage Firm, and Elsie Russell Brown, Resilian. Jennifer Beckage is counsel to some of the globe’s largest organizations, brands, not-for-profits, celebrities, high net worth individuals, and Fortune 100 companies. She counsels on space, AI, and other technology. Elsie Russell Brown is founder and CEO of Resilian, a crisis simulation platform and advisory company that helps organizations prepare for cyber, operational, reputational, and emerging technology crises before they happen. Kevin Pechumer is an account executive at BlackCloak. BlackCloak is a provider of digital executive protection and concierge cybersecurity solutions for family offices, high net worth individuals, and their families. Cybercriminals are increasingly nefarious in their craft, continuously finding new vectors to target high net worth individuals and reap large financial rewards. According to the FBI’s Internet Crime Complaint Center’s (IC3’s) annual report, cybercrime costs reached a record high of $20.8 billion in losses last year. Business Email Compromise (BEC) and financial fraud were identified as the two leading methods of cybercrime, both of which target high net worth individuals (HNWIs). AI has only worsened the threat landscape, making deepfake impersonations and phishing emails and texts all the more difficult to detect. The combination of AI’s widespread availability with several other factors puts HNW individuals, their families, and the family offices