Fri, Jan 16, 2015

Why Even Large Firms Get Snagged With Security Breakdowns

Kroll Managing Director Gary Arrick recently spoke with Private Wealth Focus on why the largest or best-known firms and family office organizations often overlook major cyber and foundational financial security issues.

According to Gary, a lack of strict, continuous enforcement of internal controls often due to lean staffing coupled with entrenched complacency and problematic trust can lead to a host of ills, including data breaches, embezzlement and fraud. Gary says, “Our team has seen many instances where unchecked trust was placed in the CFO, controller or business manager only to lead to a very significant embezzlement scheme over a period of years.”

Gary says another recurring risk area is social media in all its forms. Any activity, including innocuous or unguarded posts, can be used to not only facilitate a wide range of financial frauds and information theft, but also expose companies, individuals and family members to physical harm.

You can read the entire interview at Private Wealth Focus (subscription required). Private Wealth Focus provides wealth managers, attorneys, single and multi-family office and other professionals the latest news and trends in the wealth management space.

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