Citywealth Quotes Joshua Rubenstein on Cyber Risk and Trustee Security

Katten Private Wealth Partner and Global Chair Joshua S. Rubenstein shared his views in a recent Citywealth article that examines how recent cyber incidents can put trust assets, confidential information and confidence in trustees at risk. It cites the reported $6.34 billion Binance incident and the breach of Liechtenstein's Register of Beneficial Owners. It also covers incident response planning, insider threats, oversight of third-party providers and cyber resilience across jurisdictions. Joshua contrasted corporate trustees at large financial institutions, which “have extensive resources at their disposal and have developed sophisticated, secure systems,” with individual trustees. He noted that individuals serve as trustees more often in the United States than in other parts of the world.

Joshua explained that individual trustees' email and data storage systems are often less secure, and that trustees themselves “are often tricked by hackers into granting accesses.” Cybercriminals increasingly pose as a trustee's IT department to obtain access codes. “Individuals are often the weakest link in the chain, and should all take cybersecurity training courses,” he said. He added that insurers now require more as a condition of fiduciary liability coverage: trustees must complete cybersecurity training, must never use public Wi-Fi, “including at a hotel where a password is required,” and must travel with “a portable device that creates its own secure and encrypted wifi.”

“Cyber Attacks Put Trustees' Response Plans to the Test,” Citywealth, November 4, 2026