Cyber threats have never been more sophisticated and financially damaging. Even the most technically savvy are at greater risk now more than ever. Criminals are shifting from broad attacks to precision-targeted schemes aimed at individuals with wealth and influence. High-net-worth households with greater visibility and larger digital footprints are the most at risk.
If you or your family has an expansive digital footprint, you’re at a higher risk of a cyber invasion. Multiple devices, accounts, or smart home systems all increase online exposure, allowing these criminals to target you. Criminals know how to specifically target those with access to accounts with larger sums of money. Anyone with a public-facing business, philanthropy work, or public profiles can have their personal information used against them.
Receiving messages that impersonate trusted contacts is one of the simplest ways a criminal can steal confidential information. Always be wary when sharing personal information, even with your most trusted friends, family, or business partners.
Malicious software can be attached to any link. Double-check the links you click and be careful when opening a link from an email.
A scam that manipulates emotion or creates a false sense of urgency is how criminals can get you to do things without thinking logically. These messages are meant to trigger a quick emotional response that overrides your better judgment.
With the rise of access to AI, criminals can use it to make their scams more convincing. They use deepfakes (fake videos/visual content that impersonates trusted contacts or public figures) to make it much harder to discern what is real. Auto cloning (voice replication) is also used via fake messages or phone calls.
Make sure all your accounts use multi-factor authentication to add a critical layer of security when logging in online. Using anti-malware protection helps detect and block malicious activity. Keep your devices and systems up to date to reduce vulnerability against weak points that criminals exploit.
Cyber insurance can help to mitigate some of the financial losses resulting from covered losses, which can (depending on the policy) include fraud, extortion, data recovery, and/or identity theft.
The Cross Private Client team would be pleased to answer your questions and help you explore your options when it comes to cyber insurance.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.