Top Risks for Affluent Individuals Working Remotely

Top Risks for Affluent Individuals Working Remotely | Property & Casualty

As an affluent individual, you face a landscape filled with unprecedented risks. In today’s interconnected world, the boundaries between personal and professional life are increasingly blurred. Whether working from home or traveling, the potential threats to your wealth, privacy and reputation grow significantly. Learn how you can effectively recognize and address these vulnerabilities to protect your business, family and wealth.

Cybersecurity Risks for Business Executives

Your wealth, success and visibility make you a prime target for cyber attacks, including phishing, malware and ransomware. And, when you work from home or travel, your cyber risk escalates due to the use of personal devices, IoT technology and unsecured networks. The impacts can be dire, ranging from identity theft and devastating financial loss to unauthorized data access and reputational damage.

Protect Against Cyber Threats:

  • Invest in cybersecurity. Ensure all personal and business devices are equipped with firewalls, encryption and secure VPNs. Regular software updates and mobile device management (MDM) can further protect against breaches.
  • Travel cautiously. Avoid using public Wi-Fi networks to access work-related systems. Use encrypted connections for financial transactions.
  • Enable multifactor authentication (MFA). Strengthen security across all accounts by implementing MFA.
  • Regularly review privacy settings. Social media and online platforms may expose personal information. Be mindful about what you disclose to reduce the risk of targeted attacks.

Protect yourself from cyber risks! Download our Cyber Board of Directors Guide for insights and tips tailored for executives. Enhance your cybersecurity while working remotely—secure your copy today!

Privacy Invasions & Physical Security Concerns

Invasions can include unauthorized access to your home or workplace, often involving people within your personal network.

Protect Your Privacy & Security

  • Enhance physical security. Invest in advanced security systems for your home with 24/7 monitoring and robust protective measures. Regularly perform security audits to identify potential vulnerabilities.
  • Secure your workspace. Ensure your home office has physical and digital safeguards, including locked filing systems and encrypted communications.
  • Educate your network. Ensure your household and professional associates understand cybersecurity best practices and the importance of privacy protection.

Insider Threats & Regulatory Risks

An often overlooked risk is the threat from insiders (e.g., household staff, personal assistants, business associates) with access to confidential information. Insiders can inadvertently or intentionally compromise your security. When working remotely, be aware of regulation and compliance risks, as mishandling sensitive client data or company information could result in legal issues.

Protect Against Insider & Compliance Threats:

  • Monitor insider threats. Implement strict access controls to sensitive information and conduct background checks on anyone with access to confidential information.
  • Stay compliant. Perform regular audits to keep compliant with data protection laws.
  • Understand international laws. When traveling abroad, be aware of local regulations concerning data privacy, encryption and cybersecurity.
  • Create an incident strategy: A detailed incident response plan to manage potential breaches swiftly and limit exposure.

Protecting Your Wealth & Business

Working away from the office introduces unique risks that impact your personal and company assets. To protect against these threats, consider the following insurance coverages:

For Personal Protection

Personal Cyber Insurance

Business leaders often store sensitive personal and professional information on their devices. A breach could expose your wealth, making cyber insurance critical for safeguarding personal finances. This coverage protects you against identity theft, online fraud, cyber extortion(e.g., ransomware) and data breaches.

Personal Liability Insurance

Executives are prime targets for cybercriminals. Umbrella policies can cover liability if your actions (such as a misstep in handling confidential information) result in a lawsuit. It extends coverage beyond traditional homeowner or auto policies to include personal liability for a variety of claims, including defamation, invasion of privacy and identity theft resulting from cyber risks.

Home Cyber Protection

Many affluent individuals work from home offices that are connected to multiple smart devices, making them vulnerable to cyberattacks on their home networks. This coverage protects for cyber attacks that occur in the home, including the hacking of smart home devices or IoT systems.

For the Company

Cyber Liability Insurance

When working remotely, you often access sensitive company data, which can be more vulnerable to cyber attacks, especially on unsecured networks or devices. If you unintentionally put your company at risk, this coverage protects your company against financial losses from data breaches, hacking and other cyber incidents. Includes coverage for legal fees, notification costs, credit monitoring for affected individuals and regulatory fines.

Business Cyber Interruption Insurance

If your actions cause a cyber event that disrupts your company’s operations, this coverage ensures the business can recover financially during downtime. It offers compensation for lost revenue if a cyber attack disrupts operations, such as ransomware attacks that prevent access to systems or data.

Errors and Omissions (E&O) Insurance

Working remotely increases the risk of errors, such as accidental data exposure or miscommunication, which could lead to client dissatisfaction and lawsuits. This coverage protects against claims of negligence, mistakes or failures in the company's professional services caused by cyber issues (e.g., a client sues the company for a data breach).

Directors and Officers (D&O) Insurance:

You may be held accountable if a cyber attack occurs due to insufficient security measures or poor decisions made remotely. This coverage offers protection from personal liability related to your decisions or actions, including cyber-related claims.

We’re Here to Help Protect You When Working on the Go

In today’s interconnected landscape, proactively addressing threats to your wealth, privacy and professional reputation is crucial. Our experienced brokers specialize in safeguarding affluent individuals, recognizing the specific personal and professional vulnerabilities you face. Our team is committed to mitigating those risks so you can focus on managing your business and enjoying the life you worked hard to build.

Connect with a member  of our team for a complimentary assessment of your risk exposures. Together we can reinforce your financial security.

 

 

 


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CBIZ is the brand name for CBIZ CPAs P.C. and CBIZ Advisors, LLC (together), a national professional services company providing tax, financial advisory and consulting services to individuals, tax-exempt organizations and a wide range of growth-oriented companies. CBIZ Advisors, LLC is a fully owned subsidiary of CBIZ, Inc. (NYSE: CBZ). CBIZ CPAs P.C. is an independent CPA firm that provides audit, review and attest services, and works closely with CBIZ, a business consulting, tax and financial services provider. CBIZ and CBIZ CPAs P.C. are members of Kreston Global, a global network of independent accounting firms. This publication is protected by U.S. and international copyright laws and treaties. Material contained in this publication is informational and promotional in nature and not intended to be specific financial, tax or consulting advice. Readers are advised to seek professional consultation regarding circumstances affecting their organization.

Top Risks for Affluent Individuals Working Remotely | Property & Casualtyhttps://www.cbiz.com/Portals/0/Images/GettyImages-1442731823 (2)-1.jpg?ver=2H5yDawk_rJE4zUF9aoQCA%3d%3dExplore the top risks affluent individuals face when working remotely or traveling, from privacy invasions to insider threats, and learn strategies to protect your wealth and security.2024-10-14T17:00:00-05:00Explore the top risks affluent individuals face when working remotely or traveling, from privacy invasions to insider threats, and learn strategies to protect your wealth and security.Risk MitigationCyber & Information SecurityProperty & Casualty InsuranceYes