Risk Assessment Protects Family Office: 20 Years of Data at Major Risk
A multi-billion dollar family office was referred to BW Cyber Services to assist them with an evaluation of the legacy IT systems and related data security. While the family office was confident that their “IT guy” was doing a great job and their security was top notch, they determined that an unbiased assessment might be a good idea considering the confidential information that was critical to both maintain for the long-term as well as to secure.
After a thorough evaluation and assessment process, BW Cyber Services determined that the existing IT system was not well protected, nor did it offer long-term back up of the family office data. In fact, there were multiple critical security vulnerabilities associated with network and e-mail access that could have resulted in a data theft (unauthorized access), data ransom (ransomware), or a complete loss of all data (an office fire would have resulted in a complete loss of the last 20 years of the family office data).
BW Cyber Services provided multiple recommendations based on industry best practices to both protect the data from unauthorized access as well as ensure the long-term protection of the data in an encrypted off-site location. Additionally, BW Cyber Services worked with the Family Office to identify an industry leading IT Managed Service Provider (MSP) to incorporate the security best practices in an on-going managed process that would ensure the security protections identified by BW Cyber Services remained in place for the foreseeable future.
To protect your company from wire fraud, learn more about BW Cyber Services, including: