There is more to protecting your household from crime than installing security systems, gate codes, and motion sensor lights. A type of household crime that is easily overlooked, is cyber crime. Cyber crime can consist of identity fraud, hacking, malware, and more. Establishing a cyber security plan is crucial, especially for high-net-worth households who are at higher risk for cyber security threats.
According to a Campden Research Study in 2017, 38% of ultra high-net-worth families do not have any form of cyber security in place.
This 38% is at an even higher risk for cyber crime than the average household. Here are some ways for high-net-worth households to protect themselves.
Limit Public Information on Social Media
Social media and public records contain information that can aid cyber criminals in their attacks. Using this information to conduct cyber attacks is also known as “social engineering.” Posting about your luxury lifestyle allows cyber criminals to infer your net worth, and make you their target for cyber attacks. The higher-net-worth households pose greater gain for these criminals. To limit this risk, set clear boundaries within your household for what is and what is not allowed to be posted.
Limit the Network of People Who Manage Your Funds
High-net-worth households typically consist of individuals with demanding schedules. It is common for these households to hire a financial team to manage their wealth. This can be helpful, but risks miscommunication. High-net-worth households need to have a strict plan in place of what needs to be verified and what is allowed to be approved on their behalf. Without these guidelines, there is room for third party hackers to get ahold of information.
Use a Hotspot for Wifi in Luxury Locations
One way for cyber criminals to target high-net-worth individuals is to hack into the unsecure wireless networks in luxury places like high-end restaurants or hotels. Cyber Criminals assume that the guests of luxury restaurants and hotels are wealthy. Rather than logging into these open wireless networks, use a hotspot that you can ensure is secure.
Contact Strategic Advisory Group
High-net-worth households are at a disadvantage when it comes to cybersecurity threats. To avoid these attacks, it is important to be aware of the strategies hackers use to commit these cyber crimes. Strategic Advisory Group offers discrete services such as comprehensive risk mitigation, catered to Ultra-High-Net-Work and High-New-Work Individuals. Call us today at +1.203.489.5592 for more in depth information on our services.
