Cybercriminals are increasingly targeting affluent individuals, prompting a growing demand for cybersecurity concierges among wealthy families and executives. Despite substantial investments in corporate cybersecurity, personal and home devices often remain inadequately protected, making them attractive targets for hackers. Many high-net-worth families do not perceive themselves as potential targets, largely due to the lack of publicized hacking incidents affecting them.
Bill Roth, CEO of Hard Target, emphasizes that high-net-worth families possess significant resources akin to large corporations but often lack comparable security measures. High-profile breaches, such as the hacking of Jeff Bezos’ phone in 2018, highlight the vulnerabilities faced by the wealthy. In that instance, a malicious video sent via WhatsApp led to a public scandal when personal images were leaked. Similarly, in 2022, the Twitter accounts of several prominent individuals were compromised to promote a cryptocurrency scam.
The secrecy surrounding these incidents exacerbates the issue, as families are not obligated to disclose breaches, unlike corporations. Consequently, many wealthy individuals remain unaware of the frequency of cyber threats. Anwar Visram, co-founder of Hard Target, recounts a case where a family faced escalating ransom demands after an initial payment to extortionists.
To address these vulnerabilities, family offices and wealth managers are increasingly discussing cybersecurity with clients, focusing on securing home networks and personal devices. JPMorgan Private Bank, for instance, provides cybersecurity assistance alongside lifestyle services, recognizing that ultra-high-net-worth individuals often have fewer defenses in place.
A recent report revealed that 24% of family offices reported exposure to cybersecurity breaches or financial fraud, yet 20% lacked adequate cybersecurity measures. The misconception that they are too insignificant to be targeted persists among many affluent individuals. As the digital landscape continues to evolve, the need for cybersecurity concierges has never been greater, offering personalized protection and education to mitigate risks associated with cyber threats.
