How Hackers Target the Wealthy

With an estimated $5.2 trillion at risk from cyberattacks over the next five years, there has never been a greater need to build robust internet defenses that deter hackers.* Among those most at risk for a cyberattack are affluent Americans whose personal assets and reputations create attractive targets for theft, blackmail, and other nightmare scenarios. Perhaps it is no surprise that 77% of high net worth individuals are  more worried about being hacked than they are about their investments declining in value.** Given this common concern, it is tragic how  often individuals are unprepared to protect themselves from a cyberattack. Hackers who have long understood this paradox have enriched  themselves for decades at the expense of their victims. But how exactly do cyber criminals exploit the wealthy, and how can they be stopped?

Known as “reconnaissance,” the first phase of any cyberattack consists of hackers discreetly collecting intelligence on their target and  discovering its vulnerabilities. Is a mobile phone number or e-mail address available through a “people finder” website? If so, a bad actor may inconspicuously target a user with spyware in the form of a spoofed message from their alumni association containing a link to an infected site. Are old login credentials from hacked third party websites available through deep or dark web repositories? Cyber criminals may exploit those usernames and passwords in an attempt to access accounts at banks or credit card companies, hoping that a busy executive conveniently uses the same login credentials for multiple websites. Did the soon-to-be victim remember to enable two-factor authentication
on their financial accounts? If not, they could be in for a wild ride marked by rampant fraud and identity theft.

Once a hacker has found their way into a high value target’s electronic device, cloud account, or online banking site, the capture and exfiltration of data is underway. Did a public figure leave evidence of inappropriate text messages? Be prepared to pay a ransom. Did a CEO delete a compromising photograph from their smartphone but forget that the file was backed up on their cloud account? Beware of hacktivists who see no use for money and will instead use digital evidence to bring down the executive through anonymous material leaked to news outlets.

If an ounce of prevention is worth a pound of cure, then the ability to stay protected in the digital world is a reasonably priced investment. An independent review of a high net worth individual’s internet presence (known as a “vulnerability assessment”) can help identify weaknesses in her online persona that she may not know exist. Mature and sophisticated technology can provide layered security through consistent use of advanced tools, premium software, and proactive alerts to help protect individuals. Identity theft protection tools can also help keep  villains at bay, providing users with immediate notification of any unusual activity.

Cyberattacks show no sign of diminishing in the future, hence there is no better time than now for anyone connected to the internet to examine their information security practices. Although the wealthy may bear the burden of naturally attracting the attention of hackers, those willing to invest in their security have the ability to create a virtual fortress for both themselves and their loved ones. After all, cyber criminals are unlikely to attack a citadel when there are countless easier options to choose from.