A virtual solution for wealth families wishing to exchange confidential personal and financial information has been created by a US tech firm.

(An earlier version of this article was published in Family Wealth Report, a sister publication to this one and is repeated here due to the global nature of the issues presented.)

V-Rooms, a virtual data room solution provider with offices in Texas, Georgia and Florida, has launched a solution for wealthy families in response to ever-present cyber security threats.

Family Office Vaults will allow families of ultra high-net-worth individuals to carefully exchange confidential personal and financial information.

Through the sharing platform, users will be able to access sensitive documents such as bank statements, deeds, registrations, health records, contracts. They will also be able to control who can upload, view, print or download the different files.

The development has been encouraged by growing awareness and incidents of hacking attacks on private and public sector organizations in recent months, including financial bodies. Last year, for example, JP Morgan disclosed that millions of its accounts had been affected by hackers although no actual money or confidential information is understood to have been stolen. The issue has propelled cybersecurity up the wealth management fintech agenda. To see an article exploring these issues in more detail, see here.

“Recognising the growth and concerns of family offices over the past few years, we are pleased to offer a secure document sharing platform that addresses these concerns,” said founder and chief executive of V-Rooms, Dan Bradbary.

“In essence, a Family Office Vault is a document repository that is an important part of a family's information and knowledge initiatives. In today's world of global competition, it is essential that a family gets its information management strategy right and is able to exchange necessary information on a worldwide basis.”