The rising modern-day risks every high-net-worth individual should know

In today’s hyper‑connected world, wealth attracts attention – and not always the good kind. Rather than targeting deadlocked corporate networks, cybercriminals have quietly turned their focus to those they see as softer targets – including high‑net‑worth individuals – many of whom are far easier to infiltrate than businesses¹.

For these individuals, it’s not just their wealth on the line. It’s their reputation and personal data. As your influence and public exposure builds, you become more of a target². From a suspicious login attempt to full scale data breach, today’s modern world means wealthy individuals need to be more vigilant than ever to avoid being targeted. In this article, we take a look at some of the things you need to look out for.

Many people use social media to share their lives, and with the influencer market too lucrative to ignore, plenty of high‑net‑worth individuals enjoy showcasing their lifestyle online. Even if you personally avoid it, children or family members who are active on social media can still put your privacy at risk. When you choose to share your life publicly – even unintentionally – the wrong people can see it, and it can help a criminal build up a picture of your life and routine.

The consequences of this can be far‑reaching, from planned home thefts when criminals know you’re away, to deepfake technology being used to impersonate you, potentially damaging your reputation and more. With the presence of AI, creating a compelling script in your own words would take a matter of seconds.

We spoke to Darren Walsgrove – Personal Lines Director at Everywhen to learn more about his experience of this:

“In my experience, private clients executive and underwriters often look at someone’s online presence when offering a quote. They’ll check whether you’ve posted photos of valuable items, shared updates while you’re on holiday, or revealed anything that could indicate the home is empty. It’s a simple step, but it shows just how much your digital footprint can influence your overall risk – and why it’s so important to stay mindful of what you (and your family) share.”

“They may also use it to analyse if a potential client portrays any views that could incite a problem. This could be political, racial or something else. When it comes to insurance, being outspoken on social media may not induce a good rating factor and can attract the wrong kind of attention.”

Recently, the financial sector has stepped up in response to rising cybercrime. We’ve seen banks and regulators in several markets taking a more active role in reimbursing victims of digital fraud.

A good example that has been seen recently is that the National Cyber Security Centre has issued guidance alongside the insurance industry urging organisations to rethink paying ransoms and to strengthen resilience instead³. With the financial sector’s active discouragement of ransom payments and, instead, a push towards stronger prevention, this may help reduce the pressure on private client insurers and lead to fewer disruptions and losses, as well as stronger long‑term security.

The problem doesn’t just exist on our phones or laptops either. As homes become increasingly ‘smart’, the devices that are used to control your cameras, lights, heating, alarms etc all have the potential to be hacked – unlocking doors, disabling alarms and even accessing cameras.

The good news is the UK has started taking this seriously. As of 29 April 2024⁴, the Product Security and Telecommunications Infrastructure (PSTI) regime came into force, making the UK one of the first countries to impose legally binding cybersecurity requirements on consumer smart devices.

This means that manufacturers can no longer ship devices with easily guessed default passwords like ‘admin’ or ‘12345’ and must prompt users to create unique login credentials. They’re also required to publicly commit to minimum firmware update periods and provide a clear, accessible point of contact for reporting security vulnerabilities.

That said, many burglary claims are still driven by far simpler, more traditional risks. Darren explains:

“Many burglary claims we hear about at Everywhen still involve far less sophisticated methods. In most cases, burglaries happen when clients are actually at home and no security has been set – whether that’s while everyone is asleep, or when a young person is left home alone. Yet another reason to avoid announcing this on social media.”

It’s not just your digital assets at risk. As ever, luxury cars remain a popular target for criminals. These organised gangs use advanced technology to bypass onboard security, including the use of relay attacks, key cloning and CAN‑bus hacks. These allow thieves to access and control high‑value cars in minutes.

While manufacturers are trying to stay ahead of the game – Jaguar Land Rover has significantly improved security across its newer model⁵ – criminals simply shift their focus to another model.

While sometimes it’s out of your hands, there are things you could and should do to protect your high-value vehicle, including:

• Keeping keys away from doors and windows

• Using physical deterrents like steering locks

• Updating vehicle software

• Consider tracker or immobiliser technology

At Everywhen, our advised private clients service is designed to make insurance simple and personal. We offer tailored solutions for a wide range of needs, including non-standard and complex requirements.

For a quote – whether it’s for your car, your home or your travel plans – just give us a call on 020 3518 5429 or fill in our quote form here.

For something a little more complex, please send us an email at privateclients@everywhen.co.uk

Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems, we recommend that professional advice be sought.

Sources:

1. Cyber criminals and high-net-worth targets

2. A Digital Tightrope: The Hidden Risks Of Wealth And Visibility

3. Guidance for organisations considering payment in ransomware incidents | National Cyber Security Centre

4. New laws to protect consumers from cyber criminals come into force in the UK - GOV.UK

5. JLR invests in security | Jaguar 2024 Media Newsroom