High Net Worth (HNW) individuals\/families – the insider threat from \u2018your inner circle\u2019<\/p>\n
Wealthy families are more susceptible than others to fraud, cyberattacks, extortion, or even violent acts. The greatest threat comes from those nearest to us. This is especially true for families who employ individuals within the household and family office or use IT and security experts to maintain family networks, devices, and other communications infrastructure.\u00a0During my time living with and working for a HNWI, I managed a team of staff.\u00a0Unfortunately, there were several internal security incidents where staff took advantage of their position and access to the family and assets. Vetting staff and vigilance is key, especially when employees have full access to the private household.<\/p>\n
Vulnerabilities:<\/p>\n
These range from accidental\/inadvertent to malicious\/predatory, such as:
\n1. An employee takes photos of your home\u2019s interior or expensive items and shares them with a friend who then circulates them widely
\n2. A member of the family posts on social media the family\u2019s dates of travel for an overseas trip or that members of the family are shopping in a specific shop for expensive items
\n3. An overnight guest is allowed to use the family\u2019s internet network, accesses an unsecured website, and downloads malware that compromises the family\u2019s most private information<\/p>\n
Managing the internal risk – actions to consider:<\/p>\n
1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Conduct regular background checks (vetting) on all employees and suppliers
\n2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Monitor your employees\u2019 social media activity
\n3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0To avoid suspicion, be up front and notify employees\/suppliers of background checks
\n4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Have employees sign confidentially agreements
\n5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Elevate protective measures for vulnerable assets or events
\n6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Ensure the home\u2019s physical security is of a high standard
\n7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Utilise a trusted security company to provide residential\/physical security services
\n8.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Assess and upgrade your technical security systems
\n9.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Track and monitor your family\u2019s online exposure \u2013 consider an online vulnerability assessment<\/p>\n
Awareness is key to protection:\u00a0Wealthy families have different risks than those faced by most people. But that shouldn\u2019t take away from life\u2019s enjoyment. With appropriate\u00a0risk\/threat assessments, mitigation and awareness, families can live comfortably knowing you are protected and have the right measures in place to counter any vulnerabilities<\/p>\n","protected":false},"excerpt":{"rendered":"
High Net Worth (HNW) individuals\/families – the insider threat from \u2018your inner circle\u2019 Wealthy families are more susceptible than others to fraud, cyberattacks, extortion, or even violent acts. The greatest threat comes from those nearest to us. This is especially true for families who employ individuals within the household and family office or use IT …<\/p>\n