Family offices occupy a strange position in the threat landscape: institutional-sized assets, household-sized security programs, and — for many qualifying single-family offices — no SEC adviser examination program forcing the issue. The exclusion for qualifying family offices under the SEC’s family office rule is real, conditions and all. There is no corresponding exclusion from the adversary, and attackers have noticed that the softest path to a nine-figure balance sheet is an office of eight people who all know each other’s voices, or think they do.
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