Protecting the Family and the Office: BlackCloak, Abacus and Copia Wealth Studios

7 snips

Jul 26, 2024

Guest

Paul Ponzeka

In this insightful discussion, Chris Pierson, CEO of BlackCloak, tackles the pressing issue of cybersecurity for high net worth families, especially after the CrowdStrike incident. Michael Sikorsky of Copia offers innovative portfolio management solutions, emphasizing the blend of speed and security. From Abacus, Paul Ponzeka shares how specialized IT services can safeguard family offices. The trio highlights the growing need for multi-layered cybersecurity strategies, tailored technological solutions, and the importance of robust response plans in today’s uncertain digital landscape.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

CrowdStrike Incident Impact

CrowdStrike incident affects family offices.
EDR tools, client endpoint protection, and security stack changes are discussed.

INSIGHT

EDR vs. Antivirus

Endpoint Detection and Response (EDR) tools are like advanced antivirus software for corporate environments.
EDR focuses on both signature-based and behavioral-based detection, going beyond traditional allow/block lists.

ANECDOTE

CrowdStrike Incident Explained

A CrowdStrike library update conflicted with Microsoft changes, causing system crashes.
Similar software issues have occurred before with companies like McAfee and Apple.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

FOTechHub in collaboration with the Larry Kraus Family Office Tech-NEW-logy Institute:

Tania Neild of InfoGrate interviews:

BlackCloak- a holistic cybersecurity platform, safeguarding executives’ personal and financial data, and protecting corporate assets without invading personal lives.

Abacus - a global IT and Cybersecurity provider, offering specialized services for the financial sector through its abacusFlex platform, ensuring secure and compliant scalability.

Copia - a real-time portfolio management platform for diverse asset classes, enhancing “Assets Under Intelligence™” with a team experienced in creating top applications, building fast-growing companies, and developing complex enterprise software.

The discussion will introduce these companies and their services, and focus on the impact and future implications of the 7/19 CrowdStrike incident on cybersecurity practices for family offices. Show Summary

00:05 - Introductions

06:34 - Chris Pierson and BlackCloak overview

09:13 - Michael Sikorsky and Copia overview

11:41 - Paul Ponzeka and Abacus overview

14:00 - Explanation of EDR (Endpoint Detection and Response) tools and their role in cybersecurity. Comparison with traditional antivirus software

19:11 - What happened with the CrowdStrike incident? Strategies for protecting client endpoints; diversifying security tools to mitigate single points of failure

26:20 - Implications of the CrowdStrike incident for family offices; Importance of multi-layered defense approach, including EDR, MFA, and email security; prioritizing prevention, backup, business continuity and rapid recovery plans

33:00 - Sentinel One vs CrowdStrike

39:51 - Recommendations for how family offices should handle communication during incidents

47:46 - Balancing the urgency of releasing security patches with the risk of issues like the CrowdStrike incident

50:14 - Some of the most common attacks targeting wealthy individuals and family offices (scams, fraud, malware infections, account compromises, etc)