With mega breaches exposing millions of consumer records every year, it’s not a matter of if, but when identity theft will occur. The 2018 Marriott International breach exposed nearly 400 million customer records, while a 2019 Capital One breach exposed the financial records of over 100 million cardholders and applicants. The number of exposed consumer records containing sensitive personally identifiable information (PII), such as name, address, and other information, increased 127% from 2017 to 2018, with totals hitting 446 million, according to the Identity Theft Resource Center (ITRC) 2018 End-of-Year Data Breach Report.
The stakes can be particularly high for successful individuals who are more likely to have access to confidential or proprietary information that could be financially and reputationally damaging if breached. The 2019 Chubb Cyber Risk Survey found that 52% of successful individuals with a household income of $200,000+ and at least a million in assets, are very concerned about a cyber breach, yet are less likely than mass affluent and upper-middle class individuals to practice basic cybersecurity. Successful individuals are also less concerned about transactional data and more concerned about reputational data, such as proprietary business information and income. Focusing more on protecting reputation than protecting data could be a potential blind spot for successful individuals and families.
What hackers are most often after is information that can be monetized. The more pieces of PII someone has, the easier it is to gain access to sensitive accounts. Considering how few people use different passwords for each online account, one breached account may leave other accounts vulnerable. For example, most users do not think twice about the volumes of personal information stored and shared to social media accounts; access to even one social media platform could provide dozens of pieces of information hackers can use to gain access to financial or other sensitive accounts.
Successful individuals looking to protect their reputation should take steps to secure their data:
Several high-end insurance carriers also offer personal cyber policies. Consider rounding out personal risk management strategies by adding personal cyber coverage.
Contact us to discuss custom protections against personal cyber risks.
As a Personal Insurance Consultant, Scott helps clients meet their personal insurance goals by thoroughly reviewing their current risk exposures and advising them on gaps in coverage.
As a Personal Insurance Consultant, Scott helps clients meet their personal insurance goals by thoroughly reviewing their current risk exposures and advising them on gaps in coverage. Once these potential short falls in coverage are identified, Scott will recommend solutions through a consultative approach, helping clients not only cover these risk exposures, but help them gain a broad understanding of what their insurance coverage can do for them. He has helped clients with personal insurance needs for 10 years, in all 50 states, and specializes in working with the complex situations of affluent clients.
The world is different than it once was. It used to be that you needed a 30-foot phone cord to take the phone into another room just so you could have a little privacy, and that when you left work, you really left work, since there wasn’t any way to login remotely.
Nowadays, technological advances have made us truly mobile by enabling us to stay connected 24/7/365. While the workplace impact of 24/7 connectivity has meant that employee productivity has been on the rise, along with it comes challenges that couldn’t have been imagined even 15 years ago.
With massive data breaches at organizations such as Target, Dairy Queen, and JPMorgan, businesses are becoming more aware of the threat of hackers and external threats to their data. And while it’s important to protect yourself from such exposures, history has shown that the real enemy lies within our own companies. Don’t believe it?
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