On February 4, 2019, Bloomberg News featured remarks from Elizabeth Glasgow in an article about the biggest tax blunders and mistakes that rich families can make in handling their wealth. Here is an excerpt:
I've seen a couple of family office clients recently get blindsided by a cybersecurity risk. More than one had a pretty significant exposure, even a potential ransom scenario, with a virus [accidentally] downloaded. It's something that needs to be incorporated more into the family office setup structure. The entire purpose, generally, of using a single family office is the privacy, the anonymity, and the protection. So a successful cyberattack undermines the family office structure at a baseline level.