Private Air New York

www.privateairny.com Private Air New York | Fall 2015 66 these for their own personal gain." High tech alarm systems, security dogs and armed guards won't help much if the security breach is an inside job. Due diligence in background checks is one of the keys to improving the security of the home. "One of the most important and effective ways to manage this risk is to undertake background due diligence reviews of new job applicants and even existing personnel periodically during employment," says Grant. "ese investigations need to be scoped carefully in alignment with the family's particular risks, threats and vulnerabilities as well as the individual's role, position and duties." But a security company must be able to provide in-depth history checks and not just the cursory checks through the internet. As Grant states, "At an elementary level, a search on a subject with a common name might be limited to the jurisdictions where she had lived and worked, based on address history. More intensive reviews, say for an individual with fiduciary responsibilities, might include US and global data sources related to FCPA and corruption, terrorism, money laundering, and criminal behavior as well as an examination of litigation records, law enforcement filings, and capital market regulatory violations, and whether subject is litigious, frequently party to lawsuits or in financial difficulty." Safe Travels When it comes to travel, security for the wealthy is more of a concern than for that of others. Traveling for charity events, pleasure or business, places the high net worth individual in harm's way on a frequent basis. Protecting family members and associates also becomes a greater concern when traveling. Travel insurance is the first line of security that is more of an offensive move than defensive, but is important to have in place. Travel insurance comes in various forms, and for kidnapping and ransom events that typically target high-profile or high-net- worth individuals, kidnapping, ransom, and extortion (KRE) insurance can provide some peace of mind. Obviously, this is particularly true if you plan to travel into an area where kidnapping and ransom events are prevalent. Making these types of preparations can be inconvenient if travel is a spur of the moment decision, but it just comes with the territory when having reached a level of wealth. Other, more aggressive forms of security include handlers or armed bodyguards to provide immediate protection against a threat. "Given the current threat landscape," says Paul M. Viollis, Host of e Security Brief, CEO of RCS (Risk Control Strategies), "Americans, especially the wealthy, make the most attractive mark as they regularly do not pay attention to the inherent risks associated with their travel, and present the highest return on investment for any criminal and or terrorist." If a trip is months away, included in the logistics planning should be a certain level of security. If personal handlers are involved, they should work with the security contractor to coordinate appropriate safety measures. "I firmly believe in preemptive management through valid and reliable intelligence," says Viollis. "is allows the client to travel freely amidst a proportionate level of security commensurate with the risk to the itinerary." Armored vehicles with trained security guard/drivers may be considered if the potential of a threat is great. ough this action may seem extreme for some, it provides a sense of peace to all involved. For example, last year the daughter of a high-profile billionaire sent a trained bodyguard to follow his daughter as she walked the streets during Mardi Gras in New Orleans to ensure her safety and give him peace of mind. As Viollis states, "Without question, the risk of terrorism and kidnapping sits on top of the list. e deployment of armed security drivers has increased dramatically over the last two years." Keeping Information Safe Cyber crime is a trend that is growing quickly. Almost daily there is another identity theft story in the news that leaves the wealthy feeling vulnerable to this invisible threat. A Bank of America US Trust's private banking division survey revealed that 69 percent of high net worth people stated that they are concerned about the security of their financial information. But unfortunately, not only is personal information at risk, but personal safety as well. New technologies and mobile communications have created millions of new targets for criminals where even vehicles and smart appliances can be hacked. A report by anti-virus vendor, Norton by Symantec, states that 71 million Americans were victims of cyber crime in 2014. Keeping online information safe is an ongoing challenge, but steps can be taken now to ensure financial records and other valuable documents will be kept safe. e best companies providing cyber security will have a deep understanding of hackers and often employ former hackers to find where information leaks for the client can be found. Some clients can expect to pay $7,500 or more per year to have a special, customized website developed where members of the family can share information online, knowing that everything is being protected by National Security Agency-level encryption. Bank information, travel itineraries, titles to homes, last wills, and other sensitive information can be uploaded and unguarded messages can be left on a secure "wall" provided by a security company. One-Stop Shops As the first step in providing security, a firm will conduct an in-depth security and risk assessment to identify points of vulnerability. Once the assessment is complete, the company will provide a range of security strategies to address travel dangers, family office issues, cyber thieves, and loopholes found in the home. In order to cover all aspects of safety and security, experts suggest hiring a company with a good track record and with the flexibility to do it all - the less hands that are in the mix, the better. e company selected should be able to be on call in the event of any emergency to handle the complexities of home, travel, and online security. Not all wealthy people need to go to such extreme measures as building a bomb shelter to protect their families and their money. Often it is simply a matter of tweaking current security measures, beefing up in particular areas to suit the person and family needs. Sometimes it is not necessarily the fear of a real threat, but just having some form of protection in place gives a sense of security that can't be attained in any other way. SECURITY

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