Data Security & Privacy in Family Office Software: What You Need to Know

Asset Vantage27 Jun, 2024Business

Family offices are at the forefront of managing high-net-worth individuals? assets, expertly navigating the complexity of their investments, estate planning, and philanthropy. Theirs is a crucial role that involves handling and storing sensitive information. However, many family offices continue to use traditional tools such as spreadsheets, exposing themselves to financial, reputational, data security breaches and legal risks. Spreadsheets are useful and flexible, but they fail to protect against unauthorized access, data breaches, and human errors. This makes them susceptible to security breaches, comprising a family office?s confidentiality and credibility. Furthermore, using spreadsheets to store information may not meet regulations for personal data protection, leading to potential legal repercussions.