Ecclesiastical has noted the connection between sharing personal data, lifestyle and asset purchases on social media and the targeted robberies that sometimes follow. They want brokers to make clinets aware, especially HNW ones, of the risks associated with being on social media platforms like Instagram, Twitter, LinkedIn, YouTube, Facebook and more. Once in the wild, photos and videos can easily be reshared and emailed to dodgy people who specialise in stealing classic cars, luxury watches, jewellery and more. Is it really worth the likes? Nope.
Here’s the word;
New research commissioned by specialist insurer Ecclesiastical has revealed two in five (42%) high net worth clients are worried they overshare information on social media about their home or lifestyle, presenting an opportunity for brokers to speak to their clients about the risks they face. Wealthy individuals often have busy lives and visible routines. Social media activity can provide criminal gangs with clear patterns and routines, making it easier for them to target high net worth families and their homes.
The survey of high net worth individuals in the UK discovered almost half (46%) are worried their friends and family overshare information about them and their lifestyles on social media. Of course in some cases, sharing your lifestyle is part of the contract you signed with a brand or company, which can put you at risk. Sports stars, reality TV celebs or politicians all need a high profile to succeed financially – you don’t get offers without that profile. But things like exact location and timings info need to be managed very carefully when issuing press releases on PAs or launches.
OUR SURVEY SAID
In response to experiencing crime, wealthy individuals are making lifestyle changes. More than a third (35%) reported changing routines and three in 10 (30%) came off social media as a result of experiencing crime. Ex-Love Islander Molly Mae’s home in Manchester was burgled in 2021 and items worth £800,000 including designer handbags, shoes and jewellery were stolen. In response to the burglary, Molly Mae reduced her social media usage and vowed to be more careful about what she posts about her home and luxurious lifestyle.
Equally, those who don’t have a lifestyle directly linked to brand sponsorship need to be careful when getting involved with things like TV shows covering property, classic car, or restoration of fine art, antiques etc. Again managing location filming, sharing personal information like holiday habits, jobs etc always carries a risk. If you are happy being well off and not being recognised in the local Post Office, then stay off mainstream media too, not just social media.
Ecclesiastical recently published a new guide which provides scenarios and risk guidance to help high net worth clients minimise the risk of being targeted by criminals. Ecclesiastical is encouraging brokers to refer to the new guidance at www.ecclesiastical.com and speak to their high net worth clients about how best to protect themselves and their households.
Sarah Willoughby, Art & Private Client Business Director at Ecclesiastical, said: “Amidst the cost of living crisis, those who have more to lose are becoming a greater target for criminals. Criminal gangs will often look to social media to understand their target’s lifestyle are routines, making it easier for them to target them, their families, and their homes. Our latest research shows high net worth individuals are concerned they, their friends, and their families are oversharing information on social media about their homes or lifestyles. Brokers play an important role in helping high net worth clients understand the risks they are facing and in ensuring they have the right cover in place. We hope our new guidance will help brokers speak to their clients about how they can best protect themselves.”
Protecting your family and your home
- Vary timetables and avoid routine patterns if possible.
- Review your social media privacy settings and restrict who can view your activity.
- Have a safe bolted to a solid/base floor, in a hidden location if possible, and store portable valuables inside. Consider a duress (second or third) safe to spread valuables.
- Don’t leave jewellery in sight. Use your safe to lock your valuables away.
- Install enhanced physical protection including:
- Install panic buttons at the front door, in the bedrooms and near to safe
- Enhance doors to impede progress of the property
- Install remotely monitored CCTV.
Last year, Ecclesiastical launched an enhanced high net worth home insurance product which includes cyber damage, cyber-crime and online liability cover as standard, and optional additional covers including business cover and travel insurance. For more information visit www.ecclesiastical.com/artandprivateclient
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