Has Your Cyber Protection Kept Up With Your Financial Life?
Asst. Vice President
Frost Bank
Technology has made managing money easier than ever. We can transfer funds, pay bills, manage investments and make purchases with just a few taps. While that convenience has created new opportunities, it has also created new risks that can jeopardize the security and lifestyle you’ve worked hard to build.
Many families review their investments, estate plans and insurance coverage, but cyber protection is often overlooked until after something goes wrong. Protecting the life you’ve created requires the thoughtful planning you apply to every other aspect of your financial security.
Here are a few questions worth asking:
How do you move money?
Wire transfer fraud is one of the biggest cyber risks and the threat extends beyond a single scenario. When you’re purchasing high-value assets like artwork or fine jewelry, criminals can create emails mimicking trusted brokers. Business owners may also receive fraudulent invoices from established vendors. In both cases, criminals are exploiting trust and urgency, and clients may unknowingly wire funds to fraudulent accounts, resulting in financial losses.
These schemes are becoming more sophisticated, making it harder to identify fraudulent requests. If you regularly send wire transfers or purchase valuable assets, it may be time to review your current protection.
Does your coverage reflect your lifestyle?
Many homeowners are surprised to learn that cyber coverage is typically added as an endorsement to a homeowners policy. While many policies include limited protection for identity theft, that amount may not reflect how you manage your finances today.
Depending on your financial assets, the frequency of wire transfers, valuable collections and how your household uses technology may influence the type of coverage you need. For families, there may be additional considerations. Children’s online activity can create risks such as unauthorized online purchases to cyberbullying.
What can you do now?
Insurance is only one part of protecting your finances. Strong passwords, secure data backups, safeguarding sensitive information and verifying wire instructions before sending money may all help reduce your risk. Cyber threats continue to evolve alongside technology. Taking time to revisit your digital habits and coverage regularly can help you have a more proactive approach before a problem occurs.
You don’t have to navigate today’s cyber risks alone. Robert May at 346-217-5467 or robert.may@frostbank.com can help you evaluate your coverage, understand where your exposures lie and build protection around the life you’ve worked to create.
Insurance services are offered through Frost Insurance Agency, Inc., a licensed insurance agency.
Frost Bank and its affiliates do not provide tax or legal advice. For guidance tailored to your personal circumstances, please consult a qualified, independent tax or legal advisor. Investment management services and trust services are offered through Frost Wealth Advisors of Frost Bank. Investment and insurance products are not FDIC insured, are not bank guaranteed, and may lose value. Brokerage services offered through Frost Brokerage Services, Inc., Member FINRA/SIPC, and investment advisory services offered through Frost Investment Services, LLC, a registered investment adviser. Both companies are subsidiaries of Frost Bank. Additionally, insurance products are offered through Frost Insurance.
Deposit and loan products are offered through Frost Bank, Member FDIC.
