Why high net worth individuals should consider insuring against cyber attacks

13th June 2018

Cyber attacks are becoming increasingly prevalent in businesses throughout the world but now high net worth individuals are increasingly being targeted.

High net worth individuals have vast wealth, access to sensitive and valuable commercial or personal data and often high public profiles which makes them attractive targets for criminals.

Security breaches are not always caused by hackers and personal data can often be compromised, either deliberately or unintentionally, by financial advisors, household employees and trusted confidants. It can affect reputation, finances, IT networks and physical security with the result that high net worth individuals are often left vulnerable to cyber troll activity, bullying and stalking.

In cases of fraud and ransomware, for example, individuals might find themselves liable for the costs. Third parties such as personal assistants and other employees managing homes, collections and finances or caring for children may also be targeted because they provide an easier gateway into the individual’s systems and network.

In light of this growing risk, high net worth individuals are increasingly turning to cyber security consultants to carry out online security reviews to provide advice on preventative measures.

Insurance cover is available for:

  • Privacy breach costs
  • The cost of repairing or replacing digital assets and systems damaged by an attack
  • Cyber extortion and ransomware events
  • Cyber identity theft restoration
  • IT Forensic costs
  • Financial loss (to cover unauthorised use of credit cards and electronic fund transfers resulting from cyber-attacks)

For advice on how you can protect yourself please call 020 7929 0108

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