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.
Insurance products and services offered through McGriff Insurance Services, Inc., a subsidiary of Truist Insurance Holdings, Inc., are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.
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