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A Unique Target: Understanding Why Cyberattacks on Ultra-High-Net-Worth Families are More Common

23 JUL 2025

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4 min read


male executive framed by two skyscrapers looking up at blue sky

Long regarded as discreet guardians of private wealth, family offices now stand at the crossroads of visibility and vulnerability in a rapidly evolving digital threat landscape. For ultra-high-net-worth (UHNW) families, the very features that make their family office effective – access to personal information, control over assets, and trusted advisory role in decision-making – now make it a prime target.

 A global survey of 354 single family offices conducted between September and December 2023 reveals that 62% of those managing assets above $1 billion had experienced at least one cyberattack, compared with 38% of those below that threshold.1

From Opportunism to Orchestration

Modern cybercriminals are no longer lone opportunists. They now often function similarly to covert operations teams, staffed with specialists in reconnaissance, technical deployment, psychological manipulation, and data laundering. Their approach is methodical, their tactics customized, and their campaigns constructed with patience.  

The average ransomware payment has increased +500% in the last year. 

$2 million: the average ransomware payment in 2024. 

$400,000: the average ransomware payment in 2023.2

 

The escalation in cyberattacks reflects a deeper understanding of the opportunity UHNW families represent, including fewer layers of bureaucracy, direct access to high-value assets, and immense disruption potential.  

One study reported that over one-quarter of families with wealth exceeding $1 billion have already been directly targeted3 including their family offices and affiliated entities. These attacks often begin with behavioral surveillance rather than malware deployment. Adversaries observe routines, map relationships, study communication styles, and anticipate responses long before making contact.

The goal is not always immediate financial gain. A single compromised email can expose legal strategies, operational planning, or family decision-making. An unsecured single device may offer insight into trust structures, succession planning, and philanthropic priorities. Increasingly, these attacks are designed to gain leverage, not just assets, exploiting the deeply interconnected nature of UHNW family operations.  

Where Trust Meets Vulnerability

Unlike corporations, which typically rely on formalized governance and centralized access controls, family systems remain decentralized and highly personalized. Devices span multiple generations, and access protocols (if any) are often informal. Digital behavior is driven by personal preference, not policy.

This fluidity creates opportunities for attackers. Within this environment, the path of least resistance is frequently easy to find and rarely well defended.

Our biggest surprise? The ‘IT problem’ turned out to be more of a ‘people problem’—especially with trusted long-timers.”

— CEO, SINGLE FAMILY OFFICE, AUSTRALIA

 A significant vulnerability lies in the very thing that holds the system together: trust. Within a family office, such incidents are rarely malicious, but their effects are no less consequential. Staff members, private advisors, and household employees are frequently granted wide-ranging access to calendars, communications, and critical systems. Yet few receive structured training in cybersecurity practices.  According to one study, just a small majority (54%) of family offices said staff participate in risk mitigation and security training. Furthermore, while four in five conduct pre-employment background checks on all staff, only 37% periodically reassess the security profile of employees.4

 

UHNW family on holiday psg

 

Gaps in digital fluency further complicate the landscape. A younger family member’s use of social platforms, an older relative’s email routines, or a house manager’s reliance on cloud-based storage can introduce vulnerabilities that go undetected until after they’ve been exploited. Inconsistent digital habits create uneven security profiles, which in turn leads to systemic exposure.

The rise of generative AI has amplified this risk. More than 90 percent of successful cyberattacks start with a phishing email,5 and many are now enhanced by machine learning tools capable of mimicking familiar voices, referencing privileged context, and embedding malicious content that evades traditional filters. The result is not just more convincing deception, but a broader breakdown in trust. 

Posture and Preparedness Gaps

Despite the rising volume and sophistication of attacks, many family offices remain underprepared. Nearly one-third (31%) report having no formal incident response plan. An additional 43% describe their current frameworks as insufficient. Only one in four offices rates its cybersecurity posture as robust.6

The financial implications are increasingly difficult to ignore. In 2024, the average cost of a data breach rose to $4.88 million,7 the highest recorded to date. Yet many offices continue to rely on consumer-grade tools or reactive strategies that were never designed to withstand the complexity of modern threats. Cybersecurity must be treated as a strategic investment woven into governance, daily workflow, and third-party relationships. Protection is not a one-time initiative, but a state of readiness that must evolve alongside the family, its assets, and its digital infrastructure. This requires embedding security into the operating rhythm of the family office itself. 

Operationalizing Security

Adopting enterprise-grade protection does not require importing corporate formality into private life. It means applying the same discipline, refined to match the cadence, discretion, and complexity of UHNW families. Secure messaging, device management, encrypted communications, and cloud governance must become default practices.

Security should function in layers, remaining invisible when appropriate, yet always responsive. Systems must be capable of recognizing deviation before it escalates into disruption. Behavioral baselines are critical, and offices must understand what “normal” looks like to detect what doesn’t belong.

Education also plays a pivotal role in resilience. From the most senior family member to the newest staff hire, everyone within the system must be able to identify signs of manipulation, understand the consequences of digital behavior, and know when and how to escalate a concern. The strongest cybersecurity environments are not just well-defended but also well-understood – and capable of evolving in tandem with the family’s changing profile and risk exposure. 

A Defining Responsibility

Cyber risk no longer resides only in breached servers or stolen data. It is present in every unsecured interaction, every system left unpatched, and every moment when awareness lags behind exposure. And cyber protection is now central to the function and credibility of the modern family office. Those who embrace this role won’t just safeguard their principals; they’ll define a higher standard for stewardship in an era shaped by digital consequence. 


Ultra-high-net-worth families face growing cyber risks. Crisis24 Private Strategic Group CISO On-Demand service offers discreet, 24/7 protection tailored to your family’s lifestyle and risk profile.

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References

1 6 Deloitte Private. The Family Office Cybersecurity Report, 2024. Deloitte Private Family Office Insights Series - Global Edition, 2024. https://www.deloitte.com/nl/en/services/deloitte-private/about/family-office-cybersecurity-report.html.

2 Sophos. The State of Ransomware 2024. April 2024. https://www.sophos.com/en-us/whitepaper/state-of-ransomware.

3 Campden Research. Cyberattacks Target Families of Newfound Wealth. https://blackcloak.io/cyberattacks-target-families-of-newfound-wealth/. (Retrieved July 22, 2025).

4 Dentons Survey Report. The Evolving Risk Landscape for Family Offices. May 2024. https://www.dentons.com/en/services-and-solutions/the-evolving-risk-landscape-for-family-offices-a-dentons-survey-report.

5 CISA.gov. Shields Up: Guidance for Families. https://www.cisa.gov/shields-guidance-families. (Retrieved July 22, 2025).

7 IBM. Cost of a Data Breach Report. July 2024. https://www.ibm.com/reports/data-breach.  

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