High net worth individuals (HNWIs), whose wealth and prestige are often public knowledge, are a profitable target for cyberhackers. Technology in smartphones, tablets, and other devices are advancing at a rapid rate, and many HNWIs are unaware of how imminent the risks are. Each year, the population of individuals categorized as “high net worth” is growing with the United States boasting the most HNWIs in the world, at more than 5.28 million in 2017, which is a 10 percent growth from 2016. Hackers easily prey on vulnerabilities, but it doesn’t have to be this way. As a HNWI, it’s within your ability to improve your defenses by following these steps:
- Strengthen security on your devices
Enhancing your devices’ security features is imperative in order to reduce your digital footprint. By enabling technology to react appropriately to potential cyber breaches, the devices are better equipped to deliver intuitive and effective responses. Always use a secure private network rather than public Wi-Fi networks, and encrypt and back up your data to add another security layer to your most valuable information. - Prepare your devices against social engineering schemes.
Cyber criminals are experts at targeting the wealthy by posing as them and then insinuating themselves into transactions with others. This fraudulent activity presents a tremendous risk to HNWIs who have their fortune, career, and reputation at stake and often includes their families and businesses as well. This is also known as “social engineering.” The schemes are prevalent, dangerous, and all too often successful at stealing confidential or sensitive data while illustrating the need for increased awareness and protection. By equipping your devices with antivirus software and apps to monitor and analyze suspicious activity, you can be more vigilant in minimizing social engineering attacks. - Invest in the Right Insurance Coverage
Inevitably, you can take all of the right steps and still succumb to cybercrime, which is why purchasing adequate insurance is a prudent way to cover your bases. Some homeowners and personal liability policies – as well as a specific cyber protection policy – safeguard against various cyberattacks, such as protection against the ramifications of extortion and ransomware, digital content coverage, slander or invasion of privacy, and the aftermath of recovering from identity theft
Contact a HUB specialist to learn more about how to protect yourself by understanding the risks, reducing your digital footprint, and responding appropriately when you suspect that a cyber theft or breach has occurred.
