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COVID-19 has impacted all facets of society, including high-net-worth individuals, business owners, and C-suite executives who typically travel extensively for work and pleasure. In fact, private jet companies are experiencing an uptick in bookings, as wealthy individuals plan luxury holidays in the countries where they hold additional citizenship and corporate buyers fly as a group. As mentioned above, many wealthy people are opting to exclusively fly privately, while others are increasingly looking at multi-million-dollar, single-family vacation residences, as they offer safe sanctuaries, peace of mind, and the ability to travel within one’s circle of trust. It’s important that prior to taking off, whether you’re traveling on your own, with the family or on a business trip, that your safety and security plan is reviewed and updated to reflect what’s going on in the world today, particularly at a time of economic crisis when civil unrest and crime are more prevalent.

While hurricanes, earthquakes, and wildfires generate headlines, water damage remains the clear threat to homeowners, especially high net worth individuals and families who live in multimillion-dollar homes that are likely to house far more expensive possessions than what their dwelling is worth,” said a national high net worth business development executive. Not only is water damage the most frequent cause of loss, but delaying maintenance can also allow a small repair to develop into a costly oversight.” Chubb, which offers credits to eligible homeowners who have installed flow-based water-leak detection devices to reduce and prevent damage. For instance, when compared against other income groups, Chubb found high net worth individuals are most likely to consider themselves “vigilant” about conducting preventative maintenance; yet are the least likely income bracket to rank internal water leaks as their top home-related concern. In the winter, when data suggests homeowners are 40% more vulnerable to internal water damage, it is important to encourage agents to help their clients take the simple measures, such as inspecting hoses and faucets, installing emergency pressure-release valves, checking pipes and knowing the location of a home’s main water shut-off valve.

While CEOs, COOs and other C-suite-level employees, business owners, financial advisors and family office professionals were reconfiguring their home offices, cyber criminals were busy honing their nefarious skills to access confidential and proprietary information, outsmart individuals into falling for fraudulent wire transfer scams and take computer network systems hostage via malware in exchange for money. Cyber criminals research high-net worth individuals, companies, and organizations through publicly available information to create a profile of the victim that can include name, address, position, email address and other relevant information. These practices include:Protecting laptops and mobile devices, including VPN tools with encryption; ensure that the latest versions of VPNs are used, and patches are applied promptly Enforcing multi-factor authentication (this is typically a password followed by a code sent to an individual’s phone)Ensure that the security settings for cloud-based services are appropriately configured A cybersecurity program should also include an incident response plan and insurance. Cyber insurance can be designed to respond in the event of an incident for the following: Forensics fees to determine how the attack occurred and to what extentNotification costs if there is a breach of third-party confidential informationFees and liability settlements in the event of litigationBusiness interruption/loss of income as a result of the cyber event Cyber insurance policies differ significantly and require professional expertise to ensure the right policy is put into place.

Data Can Tell the Story While availability and access to data today have made it possible for organizations to get a full picture of their healthcare spending and how it stands up against other organizations, the real benefit comes in analyzing the data to determine the root causes behind rising costs. Unhealthy Risks & Behaviors on Productivity and Their Impact Eighty percent of all chronic illness costs are related to an individual’s unhealthy risks and behaviors, like poor diet, physical inactivity, smoking, lack of healthcare screening, low standard of care, poor stress management, lack of sleep, and excessive alcohol intake. Take a look at some statistics on diabetes*, which is among the most expensive chronic conditions in our nation, and often the result of an unhealthy lifestyle: • $1 out of every $4 in U.S. healthcare costs is spent on caring for people with diabetes • $237 billion is spent each year on direct medical costs and another $90 billion on reduced productivity • While individuals are responsible and accountable for their own health, organizations, through employer-sponsored wellness programs that incorporate lifestyle risk-reduction strategies, can make real impacts in healthcare cost savings, improved employee satisfaction and productivity, and better business performance.