In Focus: Are HNW individuals becoming a more ‘popular target’ for cyber criminals?

There is no doubt that cyber attacks are a growing threat to the UK economy, with data revealing that the average cost of a significant cyber attack to a UK business is almost £195,000.

The data, published in November 2025 by the government’s Department for Science, Innovation and Technology, also highlighted that, when scaled nationally, significant cyber attacks cost UK businesses an estimated £14.7bn a year, equivalent to 0.5% of the UK’s gross domestic product (GDP).

The rise in attacks and their financial consequences means cyber insurance is becoming increasingly important – and not just for businesses, but for high net worth (HNW) individuals too.

According to Dean Walsgrove, personal lines director at Ardonagh-owned Everywhen, rather than focusing solely on highly protected corporate networks, cyber criminals have turned their attention to individuals they perceive as softer targets.

This includes HNW individuals, with Walsgrove highlighting that many are far easier to infiltrate electronically than businesses.

“For these individuals, it’s not just their wealth on the line, it’s their reputation and personal data,” he said.

“As an HNW individual’s influence and public exposure grows, they become more of a target.”

Alfie Richardson, underwriting manager at Iprism, added: “HNW individuals can be attractive targets for cyber criminals, as they typically possess assets which can be very easy to access.

“Both tangible assets, such as artworks or jewellery, and intangible assets in the form of investment accounts are now more vulnerable to cyber criminals, who can exploit the interconnectivity of home networks to access personal information and breach digital security measures.”

Popular targets

According to the Saltus Wealth Index Report, published in July 2025, 33% of HNW individuals had fallen victim to financial scams or cyber crime in the prior last six months.

Based on a survey of 2,000 people in the UK with assets of £250,000 or more, the research found that 11% had been scammed or hacked, while a further 22% had previously been victims.

The research also revealed that among those who knew they had been scammed, many suffered substantial financial losses, with four in 10 losing more than £2,000 and one in seven losing more than £25,000. One in 20 lost between £50,001 and £100,000.

Richardson explained that HNW individuals “often lack the sophisticated security measures and protocols businesses have in place”, making them a “popular target”.

“Where a business can invest heavily in security, cyber awareness training and large teams responsible for preventing or minimising cyber attacks, HNW individuals are less well equipped to protect their own assets,” he said.

“Individuals can often underestimate their own exposure and attractiveness to cyber criminals. Gaining access to personal devices via a home wifi network is far simpler than breaching a business’s often sophisticated security layers.”

Social media risks

According to the Saltus Wealth Index Report, social media accounted for 30% of initial contact by scammers, with email another common route.

Many people use social media to document their lives, with some HNW individuals particularly susceptible to the risks associated with this digital behaviour because of their exposure.

Sarah Willoughby, art and private client business director at Ecclesiastical Insurance, said that “through the use of social media and technology, everyone’s lives are increasingly public in nature, meaning we are all being exposed to cyber and fraud-related risks, making us all targets of cyber crime”.

“However, HNW individuals are particularly attractive to these criminals, particularly given many are also business owners or otherwise hold positions of influence,” she added.

“Cyber criminals may therefore perceive them to have greater wealth, access to sensitive information or authority that can be exploited.”

Richardson, meanwhile, highlighted several examples that make social media “extremely dangerous” for HNW individuals.

Richardson also noted that advances in artificial intelligence (AI), combined with the technology’s increasing accessibility, mean even users with limited expertise can manipulate someone’s voice or image.

“HNW individuals often showcase their valuable assets and provide detailed insights into their whereabouts on very public forums,” Richardson added.

“As a more comprehensive digital profile is delivered to the world, potential criminals have more information to use against them.”

Willoughby added: “This is an ongoing issue, with public discussion around this issue growing, particularly in response to high-profile celebrities and influencers who see sudden spikes in exposure.

“Social media can put the pieces that criminals need to build a detailed picture of someone’s life into the spotlight. This can then be used to carry out targeted, often convincing, cyber attacks.”

Importance of cyber cover

Experts therefore stressed the importance of cyber insurance, with Willoughby highlighting that “conversations about cyber protection should become as routine as discussions around home, motor or valuables insurance and use of social media”.

However, according to Chubb’s 2025 Wealth Report, only 41% of HNW individuals have a standalone cyber insurance policy.

“Increasing awareness comes from changing perceptions,” Willoughby said.

“With cyber threats becoming increasingly sophisticated, brokers, insurers and advisers all play a part in raising awareness of the risks and the support available.

“Cyber insurance offers more than just financial protection. It also provides access to specialist experts who can support customers in preventing an attack and responding when an incident does occur, allowing customers to remain confident in an increasingly digital world.”

Richardson added that “insurance is still too often seen as something that only benefits policyholders after a loss” and that there remained “less awareness of its preventative role”.

“Cyber cover can provide access to support as soon as an individual suspects something is wrong, helping them take action before the situation escalates,” he said.

“We all need to work together as an industry to educate individuals on the benefits of cyber cover, whether through presenting real-life scenarios or reviewing existing security arrangements and identifying potential vulnerabilities.

“Ultimately, we need to ensure people are aware of the valuable role cyber cover can play in mitigating the risk of existing security arrangements being breached.”