Cybersecurity Checklist for High-Net-Worth Households

Why HNW households need a tailored checklist

High-net-worth (HNW) households are attractive targets for cybercriminals because of available assets, complex financial relationships, multiple advisors, and frequent travel. Generic advice helps, but HNW families benefit most from a tailored checklist that aligns technical controls with financial risk management and family behavior. In my practice working with affluent families and wealth managers, the most common gaps I see are weak operational controls around shared devices, inadequate vendor management for household staff, and a lack of a tested incident response plan.

Authoritative sources and context

• The FBI’s Internet Crime Complaint Center (IC3) and the Federal Bureau of Investigation publish guidance and incident data underscoring the scale of online crimes (FBI IC3). (See: https://www.fbi.gov)
• The Consumer Financial Protection Bureau and the Federal Trade Commission provide consumer-facing guidance on identity theft and data incidents (CFPB, FTC). (See: https://www.consumerfinance.gov and https://www.identitytheft.gov)

This checklist is educational. It is not legal or financial advice. For a tailored program, engage a qualified cybersecurity consultant and your wealth advisory team.

Core checklist: prioritized actions (immediate, intermediate, ongoing)

Use this as a practical roadmap. Mark responsibility (owner: family member, CIO/IT advisor, household manager, wealth manager) and set target dates.

Immediate (within 7 days)

• Inventory: Create a clear inventory of financial accounts (banks, brokerages, custody accounts, credit cards), identities (SSNs, passports), critical documents, and key devices used for account access. Owner: family security lead.
• Multi-factor authentication (MFA): Enable MFA on all financial, tax, and email accounts. Use hardware security keys (FIDO2/WebAuthn) where supported and authentication apps (not SMS) otherwise. Owner: IT advisor.
• Password hygiene: Adopt a reputable password manager and migrate all credentials. Enforce unique, long passphrases (12+ characters) generated by the manager. Owner: family members.
• Secure email: Move financial communications to a dedicated, hardened email account with MFA and limited distribution. Consider a separate domain or alias for high-value accounts.

Intermediate (2–30 days)

• Device hardening: Ensure endpoint protection (anti-malware with behavioral detection), latest OS and firmware updates, and full-disk encryption (FileVault on macOS, BitLocker on Windows). If devices are older, plan replacement. Owner: IT advisor.
• Home network: Upgrade Wi‑Fi to a modern standard (WPA3), change default router admin credentials, disable WPS, and segment the network (guest SSID for contractors, IoT on separate VLAN). Add router-level DNS filtering or enterprise-grade firewall for homes.
• Backup strategy: Implement automated, versioned backups for critical financial files and family records—use at least one encrypted offsite backup. Test recovery quarterly.
• Secure communications: For highly sensitive exchanges (estate changes, wiring instructions), use end-to-end encrypted tools (signal or enterprise E2EE) and require voice confirmation on a pre-established callback number.

Ongoing (monthly–annual)

• Transaction monitoring: Enroll in account alerts and real-time transaction monitoring for all financial institutions. Consider a concierge fraud-monitoring service tailored to HNW clients.
• Credit controls: Place a credit freeze or fraud alert where appropriate. See the FinHelp guidance on Credit freeze vs. fraud alert: which protects you better? for differences and tradeoffs.
• Family training: Conduct yearly cybersecurity training and quarterly simulated phishing tests for adult members and household staff. Make the training scenario-based and keep it brief but frequent.
• Vendor management: Require NDAs, background checks, and minimal access principles for household staff, family office vendors, and external advisors. Use privileged access management (PAM) for shared credentials.
• Annual audit: Hire an external cybersecurity assessor to run penetration testing on remote access and perform a tabletop incident response exercise.

Technical recommendations (specific and implementable)

• Authentication: Prefer hardware security keys (YubiKey, Titan-style) and FIDO2 authentication for critical logins (custody accounts, email, estate platforms). For mobile, use biometric + authenticator app.
• Password manager: Choose one that supports secure sharing, emergency access, and zero-knowledge encryption. Store master credentials offline and use 2FA on the manager itself.
• Encryption and backups: Encrypt backups with strong keys (AES-256). Maintain at least one offline cold backup for critical legal and estate documents.
• Network protections: Deploy WPA3, a guest network for visitors, and consider a managed firewall (e.g., Ubiquiti/enterprise-grade) with activity logging. Use DNS-filtering services to block known-malicious domains.
• IoT and smart home: Change default passwords, apply firmware updates, and isolate smart devices on a separate VLAN. Avoid connecting mission-critical devices (financial workstations) to IoT networks.

Family policies and estate considerations

• Communication policy: Define which family members receive financial or legal communications and how wiring or transfer requests are verified (e.g., dual approvals, verified phone callback). Document the process and distribute only to those necessary.
• Document custody: Keep a minimal printed and encrypted digital estate binder that includes estate attorney contacts, executor details, and instructions for accessing critical digital accounts. Store a sealed instruction set with your attorney or trust company.
• Legacy credentials: Add a secure plan for passing access to executors/trustees that balances access with security — e.g., split or multi-sign access using a trusted law firm or custodian.

Vendor, advisor, and household staff controls

• Minimum access: Grant the least privilege needed. Prefer time-limited access and rotate shared credentials after any staff change.
• Third-party security review: Require written evidence of security practices from wealth managers, private bankers, family office vendors, and estate attorneys (SOCs, encryption policy, incident response commitments).
• Payment and wire procedures: Implement mandatory dual-approval wire templates. Whenever a wire request arrives by email, require voice confirmation to a pre-authorized phone number.

Travel and remote-work security

• Travel devices: Use a clean travel laptop with minimal accounts stored locally; ensure full-disk encryption and endpoint protection. Consider a travel-only phone and phone number for high exposure trips.
• Public Wi‑Fi: Avoid financial logins over public Wi‑Fi. Use a vetted commercial VPN or a secure personal hotspot. Validate certificates and avoid captive portals for financial access.
• Pre-travel checklists: Notify institutions of travel patterns if required, but limit public disclosure of travel plans on social media.

Incident response playbook (for suspected compromise)

1. Isolate the device: Disconnect from networks immediately.
2. Use a known-clean device to change passwords and revoke sessions for critical accounts (financial accounts, email, MFA tokens). Rotate keys for shared credentials.
3. Notify financial institutions and freeze wire transfers where possible. File fraud claims promptly.
4. Report identity theft and follow FTC guidance at IdentityTheft.gov and consider filing a police report for major losses.
5. For tax-targeted fraud, apply for an IRS Identity Protection PIN (IP PIN). See FinHelp’s guide: IRS Identity Theft Protection PIN.
6. Engage a forensic expert if there is evidence of intrusion into family office systems or business accounts.
7. Communicate the incident to affected parties with clear, factual language and a next-steps plan. Maintain records for insurance and regulatory needs.

Cyber insurance and recovery

• Evaluate cyber insurance policies for coverage on social engineering/fraud, extortion (ransomware), forensic investigations, and legal expenses. Carefully review exclusions and require tailored endorsements for social engineering and account takeover.
• Keep a documented incident-cost estimate and evidence chain to speed claims.

Testing, metrics, and continuous improvement

• Test recovery: Quarterly restore tests for backups and annual tabletop exercises.
• KPI examples: phishing click rate, MFA adoption rate, time-to-detect (MTTD), and time-to-respond (MTTR) for account compromises.
• Budgeting: Allocate a cybersecurity line item in household operating budgets for subscriptions, assessments, and staff training.

Common mistakes and how to avoid them

• Mistake: Centralizing all credentials in one account without emergency access. Fix: Use delegated emergency access and split custody for the master credentials.
• Mistake: Relying solely on SMS 2FA. Fix: Use authenticator apps or hardware keys.
• Mistake: Over-sharing travel or transaction plans on social media. Fix: Limit public posting and use privacy settings.

Useful FinHelp links and further reading

• Cyber risk management for financial accounts: Cyber Risk Management for Financial Accounts
• Credit controls and identity protection: Credit freeze vs. fraud alert: which protects you better?
• IRS identity protection guidance: IRS Identity Theft Protection PIN

Professional note and next steps

From my experience helping HNW households, the highest-return steps are MFA with hardware keys, a vetted password manager, a documented wire-authentication policy, and a tested incident response plan. Start with an inventory and MFA rollout, then schedule vendor reviews and a tabletop exercise within 90 days.

Professional disclaimer
This content is educational and not a substitute for individualized legal, financial, or cybersecurity advice. For tailored strategies, consult licensed cybersecurity professionals, your estate attorney, and your wealth manager.

Authoritative sources

• Federal Bureau of Investigation, IC3 and cybercrime resources: https://www.fbi.gov
• Federal Trade Commission, IdentityTheft.gov: https://www.identitytheft.gov
• Consumer Financial Protection Bureau: https://www.consumerfinance.gov