Privacy is cybersecurity: A modern playbook for helping protect your family and wealth

In an era defined by digital convenience, privacy and cybersecurity are no longer distinct concepts. Privacy controls what is shared; cybersecurity defends it. The intersection of these two disciplines is central to helping protect assets.

Cybercrime is a threat to everyone, but criminals often persistently pursue higher-value targets. For families with significant wealth, the combination of publicly available information and evolving cyberattacks presents a meaningful risk. This risk is amplified during periods of transition, particularly as families navigate the Great Wealth Transfer — the multi-year shift of assets from one generation to the next. As wealth moves between generations, new names appear on accounts, new decision‑makers step in, and previously private details can surface through legal filings, social activity, or philanthropy — creating the exact conditions cybercriminals seek: complexity, emotion, and urgency.

Sarah Gosler, head of Wells Fargo’s Cyber Resiliency & Human Defense, says cybersecurity technology alone won’t protect you. In addition to technology strategies, such as antivirus software or firewalls, effective lines of defense generally include a crucial set of human habits as well as privacy considerations in structuring or transferring wealth.

Building privacy into wealth planning

Sophisticated cybercriminals often study their targets through social media, company filings, charity events, alumni networks, and more. By the time you receive an email that looks like it’s from your accountant or a message that appears to be from your child, this attacker may already know enough to be very convincing.

Fortunately, there are ways to build privacy into wealth planning. Trusts can be an important tool in managing assets with discretion, says Lorne Maltenfort, private wealth planning director of Wealth & Investment Management, Wells Fargo Clearing Services, LLC. Creating a trust and then retitling assets into that trust can shield assets from public view. When wealth is being transferred upon death of a family member, trusts also help families avoid shepherding assets through probate, a public court proceeding.

As wealth grows, so does the complexity of managing assets. Trust structures may need to become more advanced to maintain privacy, sometimes involving layered entities such as LLCs. Legal changes can also affect anonymity strategies, prompting some families to consider favorable jurisdictions and how trustee duties are structured, Maltenfort notes. Selecting an independent trustee that prioritizes privacy, such as a bank or trust company, can also help protect sensitive information.

Philanthropy is another common privacy flashpoint. Public donor lists and online recognition can reveal patterns about identity, affiliations, and capacity. Donating anonymously or establishing a donor-advised fund or charitable trust can support giving with privacy, says Maltenfort. Many established families create private foundations to instill philanthropic principles in the next generation, but such foundations can involve public filings — a tradeoff to weigh against the benefits.

Cyber threat isn’t just hacking — it’s persuasion

Cybersecurity has advanced with sophisticated technical defenses, yet attackers can still bypass them by targeting people. Fraudsters exploit predictable human triggers like fear, urgency, authority, and trust because they often work and have worked for centuries, Gosler says.

Family dynamics can add another layer of exposure. A digitally active household, especially with teenagers or young adults who frequently post online, can unintentionally publish the raw material needed for impersonation or artificial intelligence-enabled voice cloning. When criminals can mimic a family member in distress, decision-making becomes emotional and time-sensitive, dynamics that attackers exploit.

Gosler and Maltenfort agree that one of the most effective defenses can be preparation — clear, proactive strategies that help families slow down, verify requests, and respond thoughtfully rather than react emotionally.

A modern cybersecurity playbook extends beyond technology to thoughtful planning and trusted guidance. Working with your advisor and other trusted professionals can help turn awareness into action and complexity into confidence.

Take action: A sophisticated, family-wide checklist

• Reduce your digital footprint. Make social media accounts private and consider limiting what’s shared publicly, especially travel, assets, family routines, birthdays, and pet names, which are often reused in passwords. Establish family governance norms for what is — and isn’t — appropriate to post online, particularly for public-facing relatives or influencers.
• Build identity verification into family life. Create a family passphrase or safe word for unexpected, urgent requests, especially those involving money or distress calls. Assume voice alone is not proof of identity. Verify through a separate channel.
• Modernize your account hygiene. Use multi-factor authentication wherever possible. Consider separate email addresses for personal and business needs, and avoid using your name in the address.
• Treat every money movement as a high-risk moment. Verify any request involving wires, account changes, or sensitive documents. Call a known number rather than the one that appears in a message. Pressure to act immediately is a red flag.
• Give discreetly. Consider making donations anonymously or creating a donor-advised fund or charitable trust that obscures your identity.
• Explore trust structures that enhance privacy. Your advisor can connect you with trust specialists who build strategies to help keep assets private. When naming the trust, avoid using your family’s name.
• Secure your inner circle. Assistants, household staff, accountants, and family office personnel can be targeted as an entry point. Build shared rules for verification and escalation so attackers can’t simply go around you.