The Expert Podcast

If you are a high-net worth or private client type individual or run a family office, your scenario is much more likely to be a victim of cyber attacks, cyber security problems. And the reason why is because first of all, you're a bigger target, but more importantly, you are a combination that the hackers love. It's a high profile environment, but it also has a lower resistance profile than most companies.

For example, if a company was a hundred million dollar company, it's going to have all kind of IP IT people. It's going to have defense mechanisms. It'll have regular status updates to protect against cyber attacks. A family office of the same size, hundred million, might have an IT person, might have a security person, but it's not going to have the same depth of resistance to cyber attacks. So, it's the perfect combination for hackers. They love it because it's a target-rich environment, but it's also a low defense environment.

And they're using AI, they're using wire transfer fraud, all kinds of methods to get into family offices and high net worth private client type organizations.

And you might have a cyber insurance policy. However, a standard cyber insurance endorsement on a liability policy or some standard cyber policies may not cover you as a high-net worth private client type individual. So, you want to check into making sure that the coverages you have, read through the policies, have your agent or broker make sure that you're properly covered for cyber attacks and there's no exclusions that you would want to be aware of.

Many times there's exemptions from coverage because of certain events. If it's a state sponsored event, if it happens at a certain interval, it might be excluded. You want to make sure you know what those are so you're not caught short and have a cyber event that you have to come out of pocket to cover the difference.

If you have any questions, you can reach us at the link below. Thank you for watching. Remember, you can access live one-on-one personal consultations with a licensed private investigator, a licensed commercial insurance broker, licensed certified real estate title examiner, also a certified civil court mediator. So, if you have a need to talk to an expert in any of these fields or even a licensed building general contractor, you can click the link below actualhum.com and arrange a live one-on-one undivided attention with a licensed expert where you can ask any questions, get information about your situation, and we'd be glad to help.