Cyber Crime

High Net Worth at higher risk of cyber attack and greater need of insurance protection

The development of new technology brings the possibility for great advancement but also brings increased risk. Cyber extortion, hacking, identity theft, cyber bullying etc., criminals continue to find newer and more sophisticated ways to commit crime online.

“McAfee and the Center for Strategic and International Studies (CSIS) revealed that cybercrime cost the world between $445 and $608 billion in 2017.”*

The financial impact of cyber crime is increasing at alarming levels,

“cybercrime costs are projected to reach 2 trillion by 2019″**

Due to their increased assets, high net worth individuals and successful families, represent a larger potential profit for cybercriminals. The greater a person’s financial worth and the larger their network, the more vulnerable they are. Wealthy individuals and families may have employees, personal assistants and/or a family office, to assist them with tasks such as managing finances, childcare, or maintaining their homes, cars and valuable collections. The communication within these networks increases the exposure to possible cyber attack, whether intentional or not.

Factors that can increase vulnerability to cyber attack include:

  • Number of employees or third parties within an individual’s network
  • The number of internet-connected or smart technology products or devices: cell phones, laptops, gaming systems, smart appliances, etc.
  • Frequent Travel
  • Use of the internet of things (IoT)
  • Use of cloud based storage applications or third party service providers

A comprehensive cyber protection insurance program can help mitigate risk and provide peace of mind to successful families. McSweeney & Ricci works with premium insurers such as Pure, Chubb, Cincinnati and AIG, who offer industry-leading Cyber insurance coverage to help individuals assess, prevent, detect and respond to cyber threats including:

  • Cyber extortion
  • Hacking
  • Identity theft
  • Ransomware
  • Online fraud
  • Cyber bullying, Cyber disruption
  • Personal data exposure and loss

With cyber coverage through our private client group, you will benefit from concierge-level service and layers of insurance protection far beyond that offered by traditional homeowners and liabilities policies. Along with our premium insurers, we partner with you to mitigate risk. Should you fall victim to a cyber attack, our risk professionals are by your side for the duration, helping to minimize the disruption and get you back to your life as soon as possible.

With the growing threat of Cyber Crime, Cyber Insurance Coverage has become a necessity. Our team of professionals understands your risk and can recommend levels of coverage suited to your unique needs. Click here, for more information on cyber insurance coverage to suit your lifestyle or contact one of our private client group at (844) 501-1361.

Insurance Journal-“AIG Latest to bring cyber insurance to personal lines high net worth clients.” 04/03/17
Pure Situation Room-Cybersafe Knowledge Center “Your lifestyle affects your likelihood for loss.” 2018
Risk & Insurance-“High Net Worth’s Unique Cyber Challenges” Jonathan McGoran 09/12/17
*David 02/23/18 “Global Cost of Cybercrime Exceeded $600 Billion in 2017.”
**Steve Morgan 01/17/16