{"id":231737,"date":"2026-06-15T07:40:00","date_gmt":"2026-06-15T11:40:00","guid":{"rendered":"https:\/\/testing.news-you-need.com\/index.php\/2026\/06\/15\/cybersecurity-forum-risks-up-insurance-costs-down\/"},"modified":"2026-06-15T07:45:10","modified_gmt":"2026-06-15T11:45:10","slug":"cybersecurity-forum-risks-up-insurance-costs-down","status":"publish","type":"post","link":"https:\/\/testing.news-you-need.com\/index.php\/2026\/06\/15\/cybersecurity-forum-risks-up-insurance-costs-down\/","title":{"rendered":"Cybersecurity Forum: Risks Up, Insurance Costs Down"},"content":{"rendered":"

Cybersecurity Forum: Risks Up, Insurance Costs Down<\/a><\/p>\n

https:\/\/www.familywealthreport.com\/article.php\/-Cybersecurity-Forum%3A-Risks-Up%2C-Insurance-Costs-Down<\/a><\/p>\n

Publish Date: 2026-06-15 07:40:00<\/a><\/p>\n

Source Domain: www.familywealthreport.com<\/a><\/p>\n

Author: <\/a><\/p>\n

Using an unordered list, summarize the following article with between 4 and 8 key points. Our US correspondent attended last week”s FWR Family Office Cybersecurity Forum in New York, hearing experts discuss the state of cybersecurity, new attack vectors and more positively, what can be and is being done to thwart bad actors. \t <\/p>\n

Cyberattacks are becoming more frequent and sophisticated and
\n family offices are increasingly vulnerable. But there\u2019s also good
\n news when it comes to cybersecurity: cyber insurance is becoming
\n more competitive and less expensive.<\/p>\n

Cyber criminals are able to deploy the vast amount of data that
\n is already public on LinkedIn, Facebook, Instagram and other
\n social media platforms, in addition to using Zoom calls as a
\n starting point for an attack, according to speakers at the annual<\/p>\n

Family Office Cybersecurity Forum presented by Family
\n Wealth Report and hosted by BNY.<\/p>\n

\u201cEveryone\u2019s information is out there,\u201d Mykolus Rambus, CEO of
\n Hush, a digital protection firm, said. \u201cIt\u2019s an open book.
\n Cyberattacks begin with reconnaissance and criminals are looking
\n for points of leverage.\u201d What\u2019s more, the reconnaissance is
\n nearly free, detection is slow and \u201cthe cost to attack is tiny
\n versus the cost to defend,\u201d Scott Fogarty, CEO Ridgeback
\n Network Defense. \u201cAnd the risk of prosecution is near zero.\u201d<\/p>\n

To make matters worse, artificial intelligence has introduced \u201can
\n entirely new attack surface\u201d for cyber criminals, said Waren
\n Finkel, managing director, Northeast, for Omega Systems, citing
\n deepfake impersonation attempts and AI-generated phishing
\n campaigns.\u00a0<\/p>\n

Family offices \u201cuniquely exposed\u201d
\n Attackers use \u201ctarget maps\u201d to \u201csearch for the softest entry
\n point\u201d on personal and professional applications, Charlotte
\n Evans, vice president of operations for Cyberwolf, said.\u00a0<\/p>\n

The result hasn\u2019t been good for family offices. Nearly half of
\n family offices in the US were victims of cyberattacks last year
\n and just 60 per cent are confident that their employees can
\n detect and prevent AI-powered cyberattacks.<\/p>\n

Indeed, family offices are \u201cuniquely exposed\u201d to cyberattacks,
\n thanks to a culture of informal approvals, personal assistants,
\n speed over process and a multi-generational structure, Vishal
\n Chawla, CEO of Blue Ocean Cyber,
\n said.\u00a0<\/p>\n

Catching an insurance break
\n But family offices are catching at least one break: because the
\n demand for cyber theft and disruption insurance is so high, more
\n insurance companies, including Chubb, AIG and CNA Insurance are
\n entering the market, making it more competitive and lowering
\n prices, according to Seth Spreadbury, national family office
\n practice leader and vice president at Marsh McLennan
\n Agency.<\/p>\n

\u201cThe market is expanding and more companies are getting into it,\u201d
\n Spreadbury said. \u201cInsurance companies prefer you [to] pay less
\n premiums than have to pay out a lot later. Family offices should
\n shop around.\u201d<\/p>\n

\u201cExpanded risk landscape\u201d
\n Nonetheless, family offices face plenty of challenges going
\n forward.<\/p>\n

Artificial intelligence has \u201cexpanded the risk landscape\u201d from
\n cybersecurity to data privacy to \u201cemergent risks for generative
\n AI,\u201d including bias, hallucinations, data poisoning and opaque
\n decisions, Murali Nadarajah, global head of R&D and AI for
\n Eton
\n Solutions, said.<\/p>\n

Family offices need \u201ca new paradigm of detection\u201d with an
\n emphasis on \u201cpreemptive security,\u201d Fogarty said. All the more so,
\n because hackers can now stay in a system for 100 days or more,
\n said Blue Ocean\u2019s Chawla.\u00a0<\/p>\n

Improvement checklist
\n So what should family offices do to improve cybersecurity?<\/p>\n

—\u00a0 Establish approved enterprise AI platforms, Omega
\n Systems urged. Create formal acceptable use policies and classify
\n what data can and cannot be shared with AI tools. Require human
\n review for all AI-generated outputs.
\n —\u00a0 Make sure cybersecurity vendors are subject to
\n comprehensive due diligence and be wary of vendor overclaims such
\n as \u201ccomplete endpoint protection,\u201d \u201ccontrols all network access,\u201d
\n and \u201cstops data loss,\u201d Fogarty said.
\n —\u00a0 Upgrade default security settings, said Josh Bartlett,
\n senior account executive for Cyberwolf.
\n —\u00a0 Build a culture of verification. \u201cCybersecurity isn\u2019t
\n about technology, it\u2019s about trust, verification and resilience,\u201d
\n said Aruna Rawat, chief information security officer for Pure
\n Insurance. Verify via a second channel, use code words, slow down
\n urgent requests and run quarterly drills.
\n —\u00a0 Have a check list that includes a written incident
\n response plan, your bank\u2019s direct fraud line, a pre-designated
\n outside counsel, insurer notification protocol and a post
\n incident communication plan, BlueOcean recommended.
\n —\u00a0 Review your cybersecurity insurance policy, said Rawat.
\n What it covers may not be enough.
\n —\u00a0 Stay away from free AI accounts and don\u2019t use personal
\n AI accounts for work projects, said Farr Shepard, president of
\n Decypher Technologies. And when using AI, \u201cif you don\u2019t want to
\n see what your entered on the front page of a newspaper, don\u2019t put
\n it in AI,\u201d warned Annette Garcia-Acosta, \u00a0Decypher\u2019s
\n director of communications.
\n —\u00a0 Don\u2019t use passwords for security access. \u201cThey don\u2019t
\n work,\u201d said Gary Belvin, chief information security officer for
\n GDB Security. Use apps like passkeys, Touch ID or Windows Hello
\n for Business instead.
\n —\u00a0 Make sure there is always human oversight. Around 60 per
\n cent of family office cyberattacks are caused by human error,
\n according to BlackCloak. \u201cThe problem with cybersecurity is not
\n technology,\u201d said Spreadbury. \u201cIt\u2019s people using technology.\u201d<\/p>\n

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