High Net Worth Clients Become Cyber Attack Targets

High net worth individuals and households are increasingly buying cyber monitoring services

June 1, 2018

By Jonathan McGoran
Risk & Insurance

Two of the most dynamic trends in insurance today are emerging cyber risks and the growth of the high net worth category. But until recently, the space where these trends meet has been underserved. This at a time when cyber risk for high net worth families is intensifying.

“As hackers and cybercrime increases, the high net worth are going to become more of a target,” said Kurt Thoennessen, vice president of Ericson Insurance Advisors.

For insurance purposes, given their assets, high net worth families have exposures at least the size of many small companies.

“The ultra high net worth are both people and also a series of mini businesses,” said Martin Hartley, executive vice president and chief operating officer of PURE group of insurance companies.

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