We talk to experts in physical and cyber security catering to the needs of wealthy individuals. In these unsettled times, these often difficult subjects are increasingly front of mind.

The urgency of helping family offices, businesses and executives with security and knowable risks has arguably never been more prominent. Geopolitics are, to put it mildly, tense. 

There are other threats – a few months ago, the CEO of UnitedHealth in the US, Brian Thompson, was shot dead in a Manhattan street. Just last week, the CEO of Crestwood Trucking was brutally murdered in the Chicago area, allegedly by one of his employees.

Physical as well as cyber threats against wealthy and high-profile individuals are multiplying. For today’s wealth management industry, security is a top-line concern. 

Edward Marshall (pictured below), who has spent nearly 15 years at different firms looking at the needs of high net worth and ultra-HNW individuals, is on a mission to raise the level of advice and service in security and risk management. In direct response to market gaps, he founded Presage Global more than two years ago. The firm works with C-suites and boards, family offices, and investors.

Edward Marshall

A member of this news service’s editorial board, Marshall is a family office insider and a family office researcher, advisor, and author. He is also a risk and threat management specialist, working with HNW families, investors, and companies to reduce their cyber, physical, financial, operational, and reputational risk profiles.

To use the phrase of Marshall’s business partner, Tristan Flannery, Presage Global is the equivalent of an “RIA” for the security world.

In December 2024, Presage conducted a study, and shared its findings in a report for the executive protection (EP) industry, entitled, The New Guard: The Evolution of Technology, Training, and Tradecraft in Executive Protection. The study reveals the EP field's shift from traditional "bodyguards" to strategic, tech-enabled risk advisors skilled in cross-domain risk management. Last autumn, Presage also published a white paper, Combating Insider Threats in Family Offices. 

Marshall has already provided actionable thought leadership to the family office community (see an example here), but these studies merely scratch the surface, Marshall argues, as to Presage Global’s real-world focus. Recently he spoke to this news service, alongside Flannery.

We have a problem
As is often the case, people approach a firm such as Presage Global because they’ve had a problem, such as a security breach. “Around 70 per cent of people come to us after a security incident has occurred or arrive at our door when there is a tough decision to make,” Marshall said. 

Presage Global is, as its website describes it, “An intelligence-powered risk management and business advisory firm.” It works with family offices, businesses and investors. Areas covered include due diligence; risk audit and resilience; cybersecurity; strategic intelligence; geopolitical risk; market entry and international business development; disputes and investigations; security and protective operations; and privacy. 

Flannery says there has been an endemic problem in the protective services industry.

“In Silicon Valley [for example], for a long time, the role of providing security was seen as akin to that of almost a part-time executive assistant, but that showed a lack of understanding from both parties. Security professionals can certainly facilitate other business needs but need to be cognizant of not allocating their time on tasks that distract them from their primary purpose of protection,” Flannery said. “While maintaining, facilitating, and protecting the client’s schedule is paramount to an experienced protection professional, they are neither events managers, nor a concierge service for last-minute needs.” 

“Good executive protection people cannot be ‘yes-men or women’ who constantly deferentially agree with their client’s every whim related to security matters,” Flannery continued. “This approach can inadvertently create a plethora of unnecessary threats, vulnerabilities and unplanned contingencies, all of which can increase the risks to safety and security (e.g., like a last-minute schedule change or a desire foregoing certain security protocols). They need to be able to clearly articulate what they are doing in support of the business objective and be comfortable pushing back when a demand is made of them that creates a vulnerability. The business leader ultimately makes tough business decisions, but they need to be informed of potential risk consequences.”

Flannery said the EP industry is a “crowded space and largely unregulated market in the US, and many other countries.” 

“While different states and cities have some registration and licensing regimes, virtually anyone can offer EP or bodyguarding services in the market, and therefore results can be unpredictable,” he said.

Flannery said one concern is that clients are “often unaware that agents new to the industry are placed on their accounts – which can lead to poorly trained individuals making up elements of an EP team.” 

“A client could end up with a security firm that fills protection teams with junior, inexperienced agents without their knowledge,” he said.

The business of protecting people from physical and cybersecurity threats is large and growing. According to Allied Market Research, the global physical security market size was $104.6 billion in 2020 and is projected to rise to $192.9 billion by 2030. As for “cyber,” the global market is about twice the monetary value of the “physical” one – around $202 billion in 2022 and estimated to rise at a compound annual growth rate of 12.3 per cent from 2023 to 2030 (source: Grand View Research). The physical side can cover areas such as CCTV cameras, bodyguards, security patrols, investigators, protection devices (including those licensed in certain places to carry firearms), locks and monitoring tools. Another metric is cyber-insurance that covers breaches, ransoms and loss of business because of an attack. The market is expected to rise from $10.3 billion this year to $17.6 billion by 2028 (source: Markets And Markets). A parallel topic is that of the role of private investigators in the work of making background checks on various people and entities. See this interview in 2023 of Conflict International, a UK-based organisation. Another firm operating in the physical security area that has spoken to this news service is Global Guardian, a US-based group. 

What starts the conversation
An example of a problem that prompt calls to Presage Global is cybersecurity breaches – and AI is part of it, said Marshall.

“We think that in the next five years, AI-driven cyber threats will be the biggest risk to family offices. Deepfakes, AI fraud, and data breaches will escalate, outpacing security measures. Internal failures – poor succession planning, insider threats, and weak due diligence – will amplify those novel vulnerabilities,” Marshall said. “A failure to understand how risks connect across domains – physical, legal, reputational, privacy – will worsen exposure. But the greatest threats that stand the test of time? Complacency, prioritising convenience over security, and neglecting basic risk hygiene.”

“Family offices that fail to adapt, diagnose their own unique threats holistically and regularly, and implement proactive safeguards will face consequences. Risk isn’t static: staying ahead is the only safeguard when you are a risk magnet,” he said. 

A valuable service
While not a comfortable subject, security is part of the wealth management advisory “value proposition.”

A starting point is gathering information.

“There is not a lot of good data for executive protection professionals working at the highest tier,” Marshall said. 

There is a lot of demand for more professionalism and training. New technologies – such as drones – create the need for new skills and resources, he continued. In a new threat landscape, for example, learning from the use of drones on the battlefield in Ukraine and their use by Mexican drug cartels will help people do their job better.

One challenge is that people seeking help don’t necessarily know what key questions to ask of firms/advisors putting themselves forward. They also often lack awareness of all the relevant, accessible risk management tools for solving problems and predicting threats, he said. “Wealth management firms have wealth planners examining budgets, investment goals, and trusts, but how often do they work with ‘Risk and Security Planners’, which is what Presage Global is for our clients.” In that spirit, Presage Global recently released a Family Office Risk Readiness Evaluation, which includes checklists covering a wide range of risk and security concerns. 

Like an RIA
Flannery said the fiduciary model of a registered investment advisor, not motivated by trail commissions, is one that Presage Global likes.

“We like to think of ourselves as the RIA of security bringing the best-of-breed solutions to client risk needs,” Flannery said. “Our approach is to curate the best security solutions according to risk exposures rather than push a single product or agenda.”

“CEOs and executives in sectors that operate globally or with high profiles (e.g. big tech, oil and gas, finance, and healthcare) have long faced threats. Many of these threats can be chalked up to noise in the form of nuisance online posts on social media and in forums, lacking specificity, and in-person demonstration designed to cause disruptions to workflows,” he said.

Other threats, however, are specific, he said, such as those who say, “I know you live at X location and will act at this time.” That suggests what assets face the most risk, whether it be human, property, or reputation. 

Fractional
Marshall told FWR about the concept of the “Fractional Chief Security Officer” as a service that the firm provides. 

A fractional or managed chief security services (CSO) models provide expert security leadership to organisations without the cost of a full-time executive, he said. 

“It’s ideal for organisations that need strategic security guidance, risk management, and compliance support but don’t have the budget or need for a permanent chief security officer,” Marshall continued. “Security is more than a necessity – it’s your competitive edge. Whether you are a fast-growing business, a family office, or a multinational enterprise, managed CSO services give your organisation the resilience, leadership, and strategy it needs to navigate today’s threat landscape and to safeguard your people, assets, and reputation.”

Flannery said those looking to hire security services must avoid making assumptions.

Unlike business leaders setting exacting standards in certain fields, “in security, they will think ‘It’s just security’ and say 'she or he was a former law enforcement officer, intelligence officer, or military veteran, and must therefore be good at what they’re doing’. That’s simply not true,” Flannery said. “EP is a specialised skillset and requires significant training to be proficient. The EP individual’s experience needs to align with the clientele they serve to provide the high level of quality and delivery. This is especially pertinent to senior roles in which the delta between government and private sector experience widens over time, and is a particular focus of our attention within Presage Global.”