How High Net-Worth Clients Can Protect Themselves from Cyber Risk

How High Net-Worth Clients Can Protect Themselves from Cyber Risk

As technology advances the risk for cyber hacking and security breaching goes along with it. Not just for you, but your commercial lines clients. 

The insurance industry has been rather slow to respond to cyber exposures, and companies are only now beginning to recognize the threat, especially when it comes to their high net-worth clients who make savory targets for hackers and cybercriminals. These individuals could be targeted and not know about a breach in security until months after. By which the criminal has all but surely escaped. Here are few smart things that you should encourage your high-net worth clients to do in order to reduce their cyber risk.

  1. Freeze Credit – If you will not be using your credit for anything any time soon, you can temporarily freeze it so that no one can open a new account in your name. How many companies and apps do we trust with our personal information? A breach can come from anywhere, and this is a good way to deter criminals.
  2. Buy Quality Devices – When you purchase smart home devices, make sure you purchase quality brands and products. You are better off going with higher-end, more expensive products than those in the discount aisle. You can always check their ratings online before you commit to the purchase.
  3. Create Strong P@$$wOrds – Your birthday, “password,” or “123456789” is not a strong password. Those are the passwords that hackers will try first and will guess within minutes, if not seconds. Make sure you use lower- and and upper-case words, numbers, and characters (like, !@#$%^&*)(?).

Hackers may find your business and target your high-net worth clients. A proper commercial insurance policy can cover you for any consequences that are produced post-security breach. For policies across the globe, contact the independent insurance professionals at Lloyd S. Berkett Insurance Agency in Los Angeles.

11150 W. Olympic Blvd.
Suite 1100
Los Angeles, CA 90064

(310) 857-5757
(800) BERKETT | 237-5388
Fax: (310) 857-5750

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The Lloyd S. Berkett Insurance Agency, Inc. was founded in 1946 by Lloyd S. Berkett. Regarded as one of Southern California’s most successful, well-respected and innovative independent insurance agencies, ... Read More

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