Cybersecurity is a critical issue for families who want to protect their financial information and financial health. In 2018, a quarter of Americans reported that they or a household member were victims of cybercrime. As many as 50% of high net worth families manage their wealth online through family business operations, which makes the need for specialized security a must in this globally connected environment.
Achieve Cyber Security
High net worth cybersecurity measures can assure individuals and businesses that their data is protected. Here are some important ways to avoid risks from social media sites, ransomware, malware, and other network data threats:
- Avoid work over public wi-fi connections
- Change passwords regularly and make them difficult to hack
- Perform data back-ups routinely
- Use multi-factor identification
- Employ encryption on emails with sensitive information
- Do not click on suspicious links or emails
- Implement a response plan for cyberattacks
In addition to taking these important safety steps, it is a good idea to have cyber insurance in the event of a breach. There are products to cover identity theft, extortion, reputation management, invasion of privacy, fraud, cyberbullying and data recovery.
High net worth individuals should weigh the risks associated with their current online business practices and take all necessary steps to avoid cybercrimes that will upend their economic security.