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As cybercriminals increasingly target wealthy individuals, personal cybersecurity concierges are becoming an essential service for the affluent. While corporations invest heavily in cybersecurity, personal and home devices often lack robust protection, making them more vulnerable to attacks.
Despite having significant assets, many wealthy families and executives do not consider themselves targets due to the rarity of publicized hacks. However, high-profile breaches, such as the 2018 hack of Jeff Bezos’s phone and the 2022 Twitter hack involving Bill Gates and Elon Musk, illustrate the risks faced by high-net-worth individuals.
Secrecy around these breaches means that many wealthy individuals are unaware of how frequent cyber incidents are. Family offices and affluent individuals often do not disclose breaches, leading to a lack of awareness about the risks.
To address these challenges, family offices and wealth managers are increasingly discussing cybersecurity with their clients. For instance, JPMorgan Private Bank offers cybersecurity support alongside its other services for ultra-high-net-worth clients. The bank’s Advice Lab helps with tasks such as adjusting privacy settings, adding multi-factor authentication, and identifying suspicious emails.
Cybersecurity concierges are emerging as a solution to address gaps in personal cyber defense. These services are tailored to the unique needs of wealthy individuals, who often have complex networks of devices and homes to protect. Companies like BlackCloak provide round-the-clock protection, acting as digital bodyguards for their clients.
The rise of cybersecurity concierges reflects a growing need for personalized and proactive protection as more aspects of life and business become digitized. As Christopher Budd of Sophos notes, the increasing digital risks mirror the heightened security measures seen in the physical world for individuals with elevated risk profiles.