CEOs, EDs, MDs, And People With High-Net-Worth Are Cyber-Targets During COVID-19

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“Malcolm” is a high earning (High-Net-Worth) CEO of a well-esteemed and successful financial institution. In his position and worth, he is not worried about anything and good to go for remote working during this pandemic (COVID-19). Like any responsible husband and father, he worries about the online safety of his wife and children while at home and also about the security of his company’s confidential information while he works from home. As a concerned leader, he sets first a security trend by ensuring that he protects the three aspects of data security in line with data confidentiality, data integrity, and availability of critical company data.

So, in a way to sustain his family through the corona pandemic since all his family is intact all this, he invested $80,000 in a home security system that hinged on cameras and sensors, all integrated as devices linked to a good robust Internet network that is under control by him and his wife. So, Malcolm was well assured that everything was covered and was good to go.

Home security

What was lacking in Malcolm’s plan was, the lack of an insight that cybercriminals could turn his said to be a robust security network system inside out and upside down

When High-Net-Worth persons deploy such security systems at their homesteads, they tend to trust their home network security systems and do whatever they would have done while at their places of work, share high profile information, login into confidential accounts, enter security card details on e-commerce sites while at home and do what they would do in a more secure environment.

In other words, the technology that Malcolm thought was protecting his family was exposing them and their finances far more vulnerable, since there was lack of adequate password protection measures, default firewall protection, and router setting were still being utilized, lack of auto-software upgrade, the home network security wasn’t patched, and wasn’t properly managed.

The possible effect anticipated

With the presence of unpatched software and poor password management, it gives chance to cybercriminals to utilize this opportunity to move in and out of Malcolm’s network system with ease and without being noticed. This does not only put the network system as a target but also to all devices assigned and or connected to this network with ease. Malcolm’s documentation accounts both on the laptop and mobile devices plus all other devices that access the network are infiltrated during the hunt for confidential data that Malcolm works on while at home.

Now the case is not only attached to Malcolm but to thousands of CEOs, MDs, Directors and whoever is considered a High-Net-Worth individual in our society every day, and are even more likely to now, as cyber-crimes escalate during the pandemic (COVID-19). In other words, the reward for all your work to become a High-Net-Worth (“get to the top,”) is to instantly become a target in a cyber world. The more you earn, the more you become a target.

 To Note:
sophisticated home technology

Just because you got “sophisticated” technology and access to 24/7 “security” in your premises doesn’t mean you’re not vulnerable to cyber-attacks. As a matter of fact, in regards to Malcolm’s case, having misapplied technology may prove wholly inadequate and or even worse.

Imagine trying to protect the security of the network, but since human-kind is always a weak-link, think for a moment about how careless teenagers can be about their digital devices, utterly transfixed by the one moment, unable to find them the next. Most kids aren’t overly aware of changing their passwords and acquiring special cyber protection. Cyber-criminals prey on the children of wealthy families, knowing that a hacked tablet or smartphone could unearth the family treasure.

 Most consumed Myth

“Well, I’m not a target,” which is a common mindset that many if not most wealthy individuals tell themselves. This has rendered most wealthy families targets and have faced attacks from cyber-terrorists and made to pay ransoms after encrypting their files on their devices and made them inaccessible

What happens in reality

Living a High-Net-Worth life, you are subjected to have a combination of a great deal of money and if you have any Internet-connected devices, you’re regarded as a massive target. And you should be taking extraordinary measures to protect their digital lives and financial security around you.

“Over time as projected in security landscapes annually, its seen that clients who get hacked often lose more than money. They lose their reputations or see their company brands get decimated. Once a brand or a reputation gets soiled, it’s hard to un-soil it,” says Pierson.

Just a simple question to the High-Net-Worth (CEOs, MDs, among others) individuals, do you have a cybersecurity plan in place in case you have been a victim of an attack?

According to a 2017 study conducted by Campden Research in partnership with the international law firm Schillings, fully 28% of HNWIs have been the victim of at least one cyber-attack. Even more alarming, more than a third of respondents indicated that they do not have a cybersecurity plan in place. To help you with the math, next time you’re out for dinner with another couple traveling in the same economic sphere, at least one of you has been breached.

To strengthen proactive risk mitigation and keep cybercrooks at bay, there is a combination of data intelligence, detection systems and tools, proprietary and enterprise-grade software, and other special tools.

The most issue to protect against is conventional identity theft. Once prescriptions are not enough and identity has been stolen, “monitoring” mechanisms do little to actively prevent a breach, hack or digital home intrusion since the purpose for monitoring is to report any anomalies on the system probably from unknown users or programs but not from known identities.

Protector advise to the High-net-worth individuals
precautions to note

To this end, as we fight against the global pandemic, CEOs, EDs, MDs, among others need to recognize that with great wealth comes great responsibility. like it or not, your worth causes a center of attraction to the cybercriminals and make you as legal and societal targets because of the great information coverage that you keep around you and the great money that your worth. A lot of attacks and threats are your way and are based on both a financial and reputational standpoint.

Summit Consulting Ltd has been at your door-step from day one, providing a 3600-security assurance to its potential clients and basic measures to mitigate all threats and attacks subjected to them in any way. So, to this end and during this digital error and pandemic times, everyone whether High-Net-Worth-Individual or not all are considered a target, so if you are able and have the resources to invest in enhanced security measures during such times, what’s stopping you?

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