The holiday season is a time of joy and celebration, but it’s also a prime time for cybercriminals to target high-net-worth individuals. While family offices are constantly focused on protecting their clients’ financial assets and personal information year round, the holiday season is one where extra vigilance is needed as people often lower their guard during this period. 

Let’s look at some statistics and tactics cybercriminals use to take advantage of the wealthy during the holidays.

  • Increased Cybercrime During Holidays: The FBI and Cybersecurity and Infrastructure Security Agency (CISA) have observed a rise in cybercrimes during holidays and weekends when offices are typically closed. This trend makes it easier for cybercriminals to launch attacks.
  • Ransomware Attacks: Ransomware attacks, where criminals lock data and demand a ransom, are on the rise. In 2023, the FBI’s Internet Crime Complaint Center (IC3) received over 1.2 million complaints of suspected internet crime, with reported losses exceeding $6.9 billion.
  • Phishing Scams: Phishing scams remain one of the top methods used by cybercriminals to steal sensitive information. These scams often increase during the holiday season as people are more likely to let their guard down.

Here are a few tips to help family offices safeguard their clients:

  1. Comprehensive Protection Plans: Holistic and personalized protection plans tailored to the unique needs of each client are essential as each individual’s digital footprint is unique. This should include securing personal devices, managing online identities, and fortifying home networks against potential threats.
  2. Continuous Monitoring: A Cyber Security Operations Center (CSOC) must provide real-time monitoring and threat detection, ensuring that any suspicious activity is quickly identified and addressed.
  3. Expert Guidance: Work with a team of seasoned cybersecurity professionals offering expert advice and support to help family offices navigate the complexities of digital security.
  4. Proactive Measures: Implement proactive measures such as two-factor authentication, strong passwords, and regular security updates to keep clients’ digital assets safe.

By partnering with a dedicated personal cybersecurity provider, like BlackCloak, family offices can ensure that their clients enjoy a safe and secure holiday season. Our commitment to innovation and excellence in digital executive protection makes us the ideal choice for safeguarding the financial well-being of high-net-worth individuals.

Stay safe and secure this holiday season with BlackCloak.