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Family Businesses Lag Behind Protecting Against Cyber Security Threats, Say EY Cyber and Family Business Experts in New Family Enterprise USA Podcast
EY’s Bobby Stover and Dave Burg See Uptick in Cyber Security Threats, Ransom Attacks; Offer Strategies for Prevention and Investment to Thwart Disruption
A leading cyber security expert and a top family enterprise expert detail how to prevent, plan for, and manage the growing number of cyber attacks plaguing family businesses , in a new Family Enterprise USA podcast airing now.
The experts, Bobby Stover, Partner, EY Americas Family Enterprise and Family Office Leader, and Dave Burg, Principal, EY Americas Cybersecurity Leader, outline the crucial steps large and mid-sized generationally-owned family businesses need to consider when facing this growing wave of cybercrime affecting all business today.
Both Stover and Burg were interviewed about the growing concern of cyber threats on the podcast “The Voice of Family Business on Capitol Hill,” hosted by Pat Soldano, President, Family Enterprise USA and Policy and Taxation Group. The podcast series is dedicated to the issues affecting America’s generationally-owned family businesses, the largest private employer in the country.
“We’ve found family businesses are lagging behind when it comes to investing in and planning for the eventuality of a cyber attack ,” said Burg, one of the country’s leading cyber threat experts.
According to research by EY, a leader in cyber-security management, it was found that despite the increasing threat of cyber-attacks and ever-rising investments in cybersecurity, just one in five Chief Information Security Officers (CISOs) and C-suite leaders consider their approach effective for the challenges of today and tomorrow.
“We’ve seen a forty-four percent increase in security breaches , but still few family businesses are adequately prepared for when an attack occurs,” said EY’s Stover, the company’s family enterprise leader. “We recommend investment levels need to be at a minimum ten percent of a company total IT expense and it needs to be an annual ongoing investment,” Stover added. “Family members need to educate themselves on the variety of threats, too, from data theft, to personal security, to ransom threats.”
One critical step in heading off cyber threats is to not only investing in new cyber blocking technologies, but to have a “Day One” gameplan set up and rehearsed after the attack, accord to the EY executives. “Few have this kind plan ready to go,” said Stover.
“This kind of information is critical in making sure our country’s family businesses are able to withstand the eventual coming cyberattack ,” said podcast host Soldano. “Attacks are coming from all over the world and in this podcast Bobby and Dave give very cogent, step-by-step guidelines on how to prepare for what could be a very dark eventuality,” she said. “We think this information is important and all family businesses and successful individuals need to listen to their warnings.”
The podcast is sponsored by EY’s Family Enterprise Center of Excellence, which supports families to grow more valuable enterprises, bypass disruption and have successful generational transitions. EY is a platinum sponsor of Family Enterprise USA, demonstrating its commitment to multi-generational family-owned businesses and their legacy.
This latest episode is now airing on Spotify, and other major podcast platforms, such as Apple iTunes and TuneIn.
Subscribers will receive alerts as future shows are posted. Find on Spotify, click here.
About EY
EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.
Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform, and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com .
About EY Family Enterprise
As trusted advisors to ambitious business-owning families, including more than 90% of the world’s top 500 family enterprises, EY teams have the experience and know-how to support the entire family enterprise — family members, their family business, and their family office.
The EY approach to working with family enterprises is anchored in the EY Family Enterprise DNA Model. This model supports both the personal and business performance agendas of family enterprise leaders by pinpointing four key areas of focus to achieve their ambitions: family, values, business and assets. We combine our understanding of these focus areas with decades of experience working with the world’s most entrepreneurial families to create a framework for guided conversations on topics that matter most to family enterprise owners.
EY Family Enterprise professionals can support you in identifying and optimizing the drivers that impact family businesses’ growth and longevity, preserve wealth, and culture, and solidify intergenerational legacies. ey.com/familyenterprise
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates , possible elimination of valuation discounts, increase in capital gains tax , enactment of a wealth tax , and the continued burden of the gift tax , estate tax and generation skipping tax .
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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