Private Client Risk & Resilience – Détails, épisodes et analyse

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.

In this episode of the Private Client Risk & Resilience podcast, host Kurt Thoennessen, a high net worth insurance specialist and CEO of RiskRevu, is joined by Ron Fiamma, President of Treadwell Fine Art, an insurance carrier specializing in high value fine art and collectibles insurance. The discussion dives deep into the world of high net worth insurance, exploring the risks, challenges, and opportunities associated with protecting valuable collections.

Summary: The episode begins with Ron Fiamma sharing his unconventional journey into the insurance industry, starting from his early career on Wall Street to his eventual transition into fine art and high value collectibles insurance. He highlights his experiences at AIG Private Client Group and the entrepreneurial spirit that led him to co-found Treadwell. Throughout the conversation, Ron emphasizes the importance of understanding and managing the unique risks associated with high value collections, from fine art to couture and collector automobiles.

The discussion covers a range of topics, including the critical role of proactive risk management, the challenges of aggregation in high-risk areas, and the development of specialized insurance products to meet the needs of affluent clients. Ron also shares insights into the vetting process for vendors and the importance of maintaining up-to-date inventory systems for valuable collections.

Highlights:

1. Ron Fiamma's Career Journey:
   • Started on Wall Street and transitioned to insurance.
   • Played a key role in AIG's Private Client Group and later founded Treadwell.
   • Emphasized the entrepreneurial spirit driving his career decisions.
2. Proactive Risk Management:
   • Importance of detailed information for underwriting high value collections.
   • Training brokers to gather comprehensive data about clients' collections.
   • Emphasizing the need for up-to-date inventory systems for clients.
3. Aggregation Challenges:
   • Impact of high-value aggregations in areas like South Florida and California.
   • Issues arising from clients' growing collections and increasing asset values.
   • Strategies to manage and mitigate aggregation risks in high-net-worth insurance.
4. Development of Specialized Products:
   • Launch of couture insurance for high-value fashion collections.
   • On-track motorsports insurance for clients with valuable car collections.
   • Importance of creativity and flexibility in developing new insurance products.
5. Vendor Vetting and Client Support:
   • Rigorous vetting process for vendors to ensure high standards.
   • Providing clients with trusted referrals for various services.
   • Importance of helping clients protect their valuable assets through expert advice.

Conclusion: Ron Fiamma's extensive experience and insights into the high-net-worth insurance space provided a wealth of knowledge for listeners. His emphasis on proactive risk management, innovative product development, and the importance of client relationships highlighted the complexities and opportunities within this niche market.

Thank You and Resources: A heartfelt thank you to Ron Fiamma for sharing his expertise and experiences. For more information about Treadwell Fine Art, visit Treadwell.co. Additional resources and vendor recommendations can be obtained by reaching out to Ron directly at rfiamma@treadwell.co.

Thank you for listening, and stay tuned for future episodes exploring new and innovative approaches to risk management for high-net-worth clients.

Personal Risk Advisor at Ericson Insurance Advisors and CEO of RiskRevu, Kurt Thoennessen, CAPI and Director of Project Development, Zack Secilmis of Reis Contracting have an in-depth discussion about high-end home/apartment renovations in New York City, the Hamptons and Los Angeles. They discuss the changes the construction industry is battling after Covid-19,  technologies role in construction, integrating risk management into the construction process, the ever increasing cost of construction materials and the shortages for specialized labor.  Join them for this amazing conversation and learn more about the unique process that high-net-worth and ultra high-net-worth individuals and families experience when taking on a major renovation or construction projects.

Links:

Reis Contracting

NYU Schack Institute of Real Estate

Fordham University School of Professional Studies 

Personal Risk Advisor at Ericson Insurance Advisors and CEO of RiskRevu, Kurt Thoennessen, CAPI and Paul Buse, CEO of Real Insurance Solutions Consulting  have an in depth discussion about how to use standard insurance industry data to create a competitive advantage. Join them for this stimulating conversation and learn how to use industry data to find insights and grow your agency.

Personal Risk Advisor at Ericson Insurance Advisors and CEO of RiskRevu, Kurt Thoennessen, CAPI and SVP of e2Value, Skip Coan have an in depth discussion about the impacts on the replacement cost of property yesterday, today and tomorrow. From supply chains and inflation to the labor market and natural disasters, Skip shares his perspective on these and other areas that impact the replacement cost of property around the world. Join them for this stimulating conversation and learn why the costs are what they are.

Episode resources:

E2Value website - e2Value.com
London Instech Podcast - https://www.instech.co/podcast/instech-london-podcast-12-todd-rissel-ceo-e2value-us-property-data
National Association of Home Builders - NAHB.org

Personal Risk Advisor and CEO of RiskRevu, Kurt Thoennessen, CAPI, OP Almaraz, CEO of Allied Disaster Defense, and Tim Bauer Senior Vice President of Allied Disaster Defense's Private Client Group  have an informative conversation about the strategies being used today to harden homes against the threat of wildfire in California. In this episode OP and Tim share what they have learned from their extensive experience helping high net worth individuals, celebrities and entertainers recover from disaster. One of the most important lessons they share in this episode is  the best way to protect yourself from  wildfire is by taking steps to protect your property before the wildfire even starts. They talk extensively about home hardening, what it is, and how homeowners can harden their homes. They give advice on the most important steps to take and steps to avoid. This episode is a crash course in home hardening and wildfire defense that will give you the insight you need protect yourself or your clients from the threat of wildfire. 

Resources mentioned:

• https://www.alliedrestore.com/
• NFPA.org - National Fire Protection Association
• IBHS.org - Insurance Institute For Business and Home Safety
• https://www.usfa.fema.gov/wui/ - Wildland Urban Interface
• California Building Code - https://up.codes/viewer/california/ca-building-code-2016/chapter/7A/sfm-materials-and-construction-methods-for-exterior-wildfire-exposure#7A
• First regulation to enforces nation’s first wildfire safety regulation to help drive down cost of insurance - http://www.insurance.ca.gov/0400-news/0100-press-releases/2022/release076-2022.cfm#:~:text=Commissioner%20Lara's%20regulation%20is%20the,with%20state%20emergency%20preparedness%20agencies.

Personal Risk Advisor and CEO of RiskRevu, Kurt Thoennessen, CAPI, and Nadeen Vella, CIC, LIA, CRM  of Navella Insurance connected a short time ago to discuss RiskRevu and enjoyed talking about insurance so much they decided to do a podcast. This conversation covers many aspects of the independent insurance agent model. In this episode we discuss the nuances of the private client space and what High Net Worth means in this space. We also discuss how the definition of high net worth differs depending on the industry. This conversation will be helpful to anyone who is looking to learn more about the private client insurance space and better understand  the benefits of placing coverage with premium insurance carriers. Enjoy!

https://www.navellains.com/

Personal Risk Advisor at Ericson Insurance Advisors and CEO of RiskRevu, Kurt Thoennessen, CAPI, and Nadeen Vella, CIC, LIA, CRM of Navella Insurance connected a short time ago to discuss RiskRevu  for her scratch agency and enjoyed talking about insurance so much they decided to do a podcast. This conversation covers many aspects of the independent insurance agent model. In this discussion, Nadeen brings clarity to each of the different sales models that insurance companies use to sell their product. The direct model, the captive agent model and the independent agent model.  This conversation will be helpful to anyone who is looking to better understand the differences among these sales models and help them see why the the independent agent channel is the superior model. Enjoy!

https://www.navellains.com/

Personal Risk Advisor and CEO of RiskRevu, Kurt Thoennessen, CAPI, and Jennifer Garland Ross, CEO of Art Peritus and Sharikay Sloboda, Director, People, Strategy & Business Development at Art Peritus sit down to discuss the role that project management plays in managing valuable collections. They also discuss best practices for protecting valuable art and antiques before and after a loss. The topic of crisis management is also one that is talked about as it relates  to valuable collections. This is a great episode for those interested in learning more about managing the everyday aspects of owning valuable articles to managing the crisis situations that need quick thinking and quick access to specialized resources. 

Personal Risk Advisor and CEO of RiskRevu, Kurt Thoennessen, CAPI, talks with CEO of Prime Insurance Company, Rick Lindsey about his thoughts and approaches to insuring hard to place risks. The conversation spans the role of the agent in balancing the scales of justice to customizing coverage to make "Happy Customers." Rick offers his thoughts on how agents and carriers can improve the insurance industry to help eliminate lawsuits and ensure customers are well taken care of at the time of a claim.