Cyber risks are at an all-time high, with sophisticated threats putting high net worth individuals at an even higher risk of being targeted.

PURE President, Dave Logan, sat down with cyber experts Chris Pierson, CEO of BlackCloak^®, a luxury cybersecurity platform specializing in digital executive protection and Neil Rekhi, Product Manager at HSB^®, a reinsurance partner to PURE with deep expertise in cyber risk, to discuss practical, proactive steps you can take to stay ahead of today’s evolving cyber threats.   

Q: We hear about cyber attacks all the time. What are the most common scams?
A (Chris Pierson): PhishingPhishingA type of social engineering where the hackers impersonate trustworthy entities to trick people into providing personal informationX continues to be one of the most widespread threats. These scams typically involve emails or texts that appear to come from a trusted source—your bank, a government agency, a well-known brand or even a colleague. The goal is to get you to click a link, open an attachment or share personal information. 

Social engineeringSocial engineeringA tactic where attackers trick people into divulging sensitive informationX scams are also on the rise. These include romance scams or messages that create a false sense of urgency—like a request for immediate payment or a warning about a locked account. They’re designed to trigger quick emotional responses and override good judgment. 

Many of these attacks are also used to deliver malware—malicious software that can be installed through a seemingly harmless link or attachment. A healthy dose of skepticism can go a long way—if something feels off, it probably is. 

Q: What are some of the cybercrime trends we’re seeing right now?
A (Neil Rekhi): One of the biggest shifts we’re seeing is how cybercriminals are using artificial intelligence to increase the speed, scale and realism of their attacks. Deep fakesDeep fakesAI-generated images, videos or audio recordings that manipulate someone's appearance or voiceX and audio clonesaudio clonesThe use of AI to replicate a person's voiceX are being used to impersonate real people, including business contacts and family members, making it even harder to know what’s real. 

AI is also making it easier to gather and exploit open-source intelligence—publicly available information like social media posts, online bios or professional profiles. Cybercriminals can now build detailed profiles of potential victims, allowing them to craft highly personalized attacks that are harder to detect and easier to fall for. 

Q: Many people believe, “That could never happen to me.” Can you share an example that shows how easily someone can fall victim to a cyber scam? 
A (Neil Rekhi): One of the biggest misconceptions about cybercrime is that it only happens to people who are careless. In reality, many scams are carefully timed and skillfully executed to appear completely legitimate. Even thoughtful, highly successful individuals can be targeted—and fooled. 

Case in Point: An Example from Neil
One homeowner was in the middle of a major home renovation. They had been working with a trusted contractor, exchanging emails and wiring payments each month based on invoices. 

Then came a familiar-looking email from what appeared to be the contractor, notifying the member that their banking details had changed. The timing made sense. The message sounded consistent and routine. The email address looked almost identical to the real one. So, the member followed the instructions and wired more than $150,000. 

It wasn’t until the real contractor followed up about a missed payment that the fraud was discovered. A cybercriminal had spoofed the contractor’s email and intercepted the exchange at just the right moment. 

Unfortunately, the funds were unrecoverable, but because the insured had a personal cyber policy, they were reimbursed their policy limit. 

This type of scam isn’t rare. It’s increasingly common—and it highlights how important it is to remain cautious, even in everyday interactions that feel completely normal. 

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Q: What are some practical steps everyone should take to protect themselves from cyber threats? 
A (Chris Pierson): There are a few foundational steps everyone should take: 

1. Enable multi-factor authenticationmulti-factor authenticationAlso known as two-step authentication, combines something you know (e.g., login credentials) with something you have (e.g., a code sent to a device)X (MFA): This adds an extra layer of protection to your email, financial, social media and healthcare accounts. Even if a criminal steals your login credentials, they’d still need access to your second device to get in.
2. Place a credit freeze or fraud alert: These tools limit a criminal’s ability to open new accounts in your name.
3. Use anti-malware software: Install it across all your devices to detect and block malicious software.
4. Be cautious with personal information: Only share sensitive details when it’s absolutely necessary—and only with trusted sources. 

Q: What does personal cyber insurance typically cover that your bank or financial institution might not? 
A (Neil Rekhi): Most financial institutions only cover fraud tied directly to your bank accounts—and only when they’re legally obligated to. But today’s threats go far beyond that. 

We’re seeing more losses tied to social engineering scams, extortion, device compromise, cyberbullying and even third-party liability—none of which are typically covered by your bank. 

That’s where personal cyber insurance comes in. It’s designed to address the full spectrum of modern digital risks. It’s not just about identity theft anymore—it’s about protecting you and your family from the broader, fast-evolving landscape of cyber threats. 

_{While it is our hope that this advice will help reduce your risk to cyber threats, PURE cannot guarantee that following it will prevent a cyber incident.}