Family offices in the Gulf region are facing multiple obstacles from different points of view: economic, political, regulatory, taxation, but also cyber-security threats. Family offices in the Middle East and in the Gulf region are increasingly becoming targets of cybersecurity threats particularly in countries such as Saudi Arabia, Kuwait, United Arab Emirates, and Bahrain.
What are the reasons behind family offices being targeted more?
There are multiple reasons why criminals are targeting family offices: First there is usually a lack of IT preparation which makes family offices more vulnerable than other institutions. In many cases family offices will generally not put enough investment into secured IT systems which puts them in a position of being unprepared to deal with the security risks.
In single family offices, typically there is a small number of employees who run the daily activities. These employees are so focused on running the business that cyber-security is not the primary focus. This puts family offices at higher risk compared to other institutions with dedicated IT personnel.
In general, if any security breach happens for the family offices, consequences can be very serious for all involved.
How to overcome those challenges?
One way to ensure that your data is secured and protected is to have professional Investment Management Software equipped with a top of the line security processes and features. In the long-term this will eliminate the security hassles and provide advantages in terms of costs and efficiencies.
FA Solutions offers a multi-asset investment platform with an ability to track various kind of assets such as listed equities, real estate, private equity and mutual funds. To ensure the top-level security of FA Platform, it is regularly revised and tested by third-party information security professionals.
In terms of security requirements and features, FA Platform holds multiple security functions such as HTTPS/SSL, IP restrictions, two-factor authentication, etc. FA Solutions partners only with companies complying with the highest standards of data protection, such as ISO 27001.
For auditing, FA Platform records all actions performed within the system which allows users to easily trace back all possible errors or inconsistency situations. By modifying data hierarchy and user rights, it is easy to define different roles and linked contacts accordingly with the customer’s business.