According to some sources, social engineering is used in 98% of cyber attacks, while others say it's involved in 70–90% of successful attacks. Social engineering is a critical part of an attack that uses manipulation or tricks to coerce victims into sharing sensitive information. Attackers may pretend to be a known person or legitimate entity, or use other tactics like impersonating a brand, using current events, or offering something the victim wants or needs. Social engineering can occur through email, phone, face-to-face, or the web.

In this episode of the Private Client Risk & Resilience podcast Kurt Thoennessen begins with introductions of the guests, Bill Roth and Anwar Visram, who share their extensive backgrounds in entrepreneurship and cybersecurity, respectively. Anwar emphasizes his experience in building cyber defense plans for high net worth families, while Bill highlights his expertise in visual thinking and experience design.

Kurt and his guests delve into the complexities of cybersecurity for affluent families, discussing the growing threat landscape and the importance of proactive risk management. They highlight the need for high net worth families to adopt comprehensive cybersecurity strategies, which include regular education, simulation exercises, and clear rules of engagement. The conversation also touches on the unique challenges faced by high net worth individuals, such as the increasing attack surface due to multiple generations and the involvement of numerous advisors and staff.

Highlights:

1. Proactive Cyber Defense:
   • Emphasis on creating cyber defense plans tailored to high net worth families.
   • Importance of regular education and simulation exercises to prepare families for potential cyber threats.
2. Human-Centered Approach:
   • Cybersecurity as a human-centered problem, integrating technology and focusing on the human element.
   • Social engineering and human error account for 98% of cybersecurity issues.
3. Innovative Solutions:
   • Hard Target's approach to cybersecurity through gamification and tabletop exercises.
   • Development of mental models for cybersecurity similar to playing a board game, enhancing understanding and retention.
4. Real-World Scenarios:
   • Anwar shares examples of cyber threats, including virtual kidnapping and social media exploitation.
   • Importance of creating a family cyber committee to enforce governance and rules of engagement.
5. Emotional Resilience:
   • Focus on building emotional and relational resilience within families to handle cyber threats.
   • Preparing families for the emotional impact of cyber incidents.
6. Cyber Literacy for All:
   • Vision of expanding cybersecurity awareness and education beyond high net worth families to the broader public.
   • Importance of cyber preparedness in reducing vulnerabilities and making everyone a hard target.

Conclusion: Bill Roth and Anwar Visram provide valuable insights into the evolving landscape of cybersecurity for high net worth families. Their innovative approach, combining human-centered strategies with advanced training methods, offers a comprehensive solution to protect against the growing threat of cyber attacks.

Thank You and Resources: A heartfelt thank you to Bill Roth and Anwar Visram for sharing their expertise and experiences. For more information about Hard Target, visit hardtarget.ai. Connect with Bill and Anwar on LinkedIn to stay updated on their latest content and initiatives.

Thank you for listening to this episode of the Private Client Risk & Resilience podcast. Stay tuned for future episodes as we continue to explore innovative solutions for protecting high net worth individuals and their families.