Privacy is cybersecurity: A modern playbook for protecting 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 protecting both assets and peace of mind.

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. She believes one of the most important lines of defense is not antivirus software or firewalls but rather a crucial set of human habits, as well as privacy considerations in structuring or transferring wealth.

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 are 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 help 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.

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 the most effective defense is 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. Partnering with your advisor team can help turn awareness into action and complexity into confidence.

Donations are irrevocable charitable gifts. The sponsoring organizations maintaining the fund have ultimate control over how the assets in the fund accounts are invested and distributed. Donor Advised Funds donors do not receive investment returns. The amount ultimately available to the Donor to make grant recommendations may be more or less than the Donor contributions to the Donor Advised Fund. While annual giving is encouraged, the Donor Advised Fund should be viewed as a long-term philanthropic program. Tax benefits depend upon your individual circumstances. You should consult your Tax Advisor. While the operations of the Donor Advised Fund and Pooled Income Funds are regulated by the Internal Revenue Service, they are not guaranteed or insured by the United States or any of its agencies or instrumentalities. Contributions are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Donor Advised Funds are not registered under federal securities laws, pursuant to exemptions for charitable organizations.

Wells Fargo & Company and its affiliates do not provide tax or legal advice. This communication cannot be relied upon to avoid tax penalties. Please consult your tax and legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your tax return is filed.

Wealth & Investment Management (WIM) offers financial products and services through bank and brokerage affiliates of Wells Fargo & Company. Bank products and services are available through Wells Fargo Bank, N.A. Wells Fargo Trust is a part of WIM and offers services through Wells Fargo Bank, N.A. and Wells Fargo Delaware Trust Company, N.A..