Research has highlighted the dangers of the "it won’t happen to us" attitude that many family offices have towards cyber risks.

Two-fifths of family offices do not have a formal cybersecurity policy in place, leaving their ultra-high net worth clients vulnerable to hackers and fraud, according to a survey by accountancy firm Moore Stephens. 

This is in spite of 79 per cent of family offices reporting they are concerned or very concerned about cybersecurity risks. 

The survey was carried out on 40 family offices, located mainly in the UK but also in Australia, Canada, Switzerland, Germany and the Netherlands.

Family offices make attractive targets for cyber criminals, the firm said, as they often control very large sums of money but lack the IT defences and security personnel of big banks or global fund managers.

“A majority of family offices realise the risks that cyber-attackers can pose but not all are as well prepared as they should be,” said Steve Williams, partner at Moore Stephens. “Family offices are clear targets for cyber-fraudsters – there is no use pretending otherwise."

He added: “The smaller scale of family offices can make implementing robust cybersecurity policies seem onerous or heavy-handed. The reality is that without the large dedicated IT support team of bigger financial institutions it is even more important each employee take cyber risks seriously.”