Estimated reading time: 6 minutes
Affluent North Americans say cyber risk worries them most. Yet many still underinsure their digital lives and misjudge the scale of potential losses. The new Chubb 2025 Wealth Report, The Resilient Mindset: Turning Risk Awareness into Advantage, surveys 1,000 wealthy households across the United States and Canada and shows a sharp gap between concern and action on cyber insurance coverage. The report spans everything from travel spending to estate planning. This article zeroes in on its cyber and digital-risk findings and raises the question about the need for personal cyber insurance coverage in a connected world.
Cybersecurity Tops the Worry List
Section five of the report, “The unseen risks: Cyber and beyond,” opens with a stark finding. Cybersecurity is the global issue most likely to keep affluent respondents awake at night.
The rapid spread of AI tools fuels this anxiety. Scammers now deploy polished phishing emails, deepfake audio, and convincing social-engineering stories at scale. Chubb executives note rising reports of cyber scams to the Federal Trade Commission and expect that trend to continue.
High-net-worth families sit in the crosshairs. They typically hold multiple bank and brokerage accounts. They also run busy digital lives filled with online shopping, investment platforms, and smart devices. According to the report, respondents with higher asset levels report more cyber incidents than peers with lower wealth.
Chubb’s companion press release reinforces the point. It states that “Cybersecurity ranks as the number one risk, with cyberbullying and identity theft named biggest concerns” for affluent North Americans.
Cyber Insurance Coverage: Big Concern, Small Policies
Despite these worries, the report shows gaps in cyber insurance coverage. Only 41% of respondents hold a standalone cyber insurance policy. Wealthier households are more likely to have one, but many still lack dedicated protection.
Most survey participants believe they already have cyber protection through credit cards, banks, or homeowners policies. Chubb warns that this belief can create a dangerous false sense of security. These services typically focus on narrow identity theft issues and basic fraud reimbursements. Many do not respond when victims willingly transfer funds during sophisticated social-engineering scams.
The coverage gap extends to limits. When asked how much coverage they would buy for a cyber event, 56% of respondents chose less than $150,000. Only 10% would seek coverage between $250,000 and $499,000. Chubb argues that these figures underestimate the actual cost of an incident, especially for families with complex finances and reputations to protect.
Standalone cyber policies offer broader protection. The report highlights features like reimbursement for stolen funds, digital forensics, attorney fees for identity restoration, temporary relocation if a home becomes unsafe, and mental-health counseling after cyberbullying.
When Digital Risk Becomes Physical Risk
Chubb stresses that cyber exposure is no longer limited to the online space. Blessed to be connected… but. Today’s homes, cars, and personal devices connect through shared networks. If one system gets compromised, others can quickly follow.
A hacked home Wi-Fi network can expose laptops, phones, smart locks, cameras, thermostats, and even security alarms. The report warns that this interconnected risk can lead to systemic failures and complex losses.
The company urges wealthy families to “operate as if they’re running a business.” Although it might be wise to note that, even then, it is not a guarantee of protection. Regardless, it means training staff on emerging scams, enforcing strong passwords and VPN use, enabling multifactor authentication, and setting approval thresholds for large transfers.
In this model, cyber hygiene sits alongside physical security and financial planning. Cyber Insurance Coverage then acts as the backstop for when controls fail.
Watch Out Podcast on Personal Cybersecurity Best Practices
Liability, Reputation, and the Digital Footprint
The report links cyber exposure with wider liability and reputational risks. High-profile families live in a very litigious environment. They host events, employ staff, manage multiple homes, and maintain active social media profiles.
Survey respondents rank allegations of assault or harassment and defamation suits among their top liability fears. At the same time, 81% do not carry any excess liability insurance, and most who do hold limits of $3 million or less.
Cyber events can trigger these worries. A leaked email or deepfake video can damage reputations instantly. Even if a lie, it’s necessary to remember these wise words from Jonathan Swift: “Falsehood flies, and truth comes limping after it.”
A hacked account can send harmful messages or fraudulent transfer instructions. Chubb executives describe a “critical liability” where successful individuals remain exposed to financial and reputational threats despite significant wealth.
They argue that families need integrated strategies that combine liability coverage, cyber insurance, and crisis management expertise.
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Climate Risk, Collections, and Boats: Other Pressure Points
The report also tracks rising concerns beyond cyber, and we figured we’d touch on those as well.
Extreme weather and climate volatility worry 91% of affluent homeowners. Many now install fire-resistant roofs, impact-resistant windows, upgraded landscaping, and whole-home generators.
Collectors continue buying art, watches, and wine, yet 77% of those planning acquisitions do not intend to insure them. Two-thirds of collectors value their holdings at more than $500,000. Still, many skip insurance and prefer do-it-yourself research over professional advice.
Boat owners face their own anxieties. Nearly all worry about operator qualifications, mechanical breakdown, storm damage, and potential liability. Claims data show that collisions are the leading cause of marine losses, especially during an owner’s first year with a new vessel.
These areas share a common thread with cyber: the protection gap between awareness and action.
Generational Wealth Transfer Meets Digital Risk
The survey lands at a key moment in the generational wealth transfer. Almost half of respondents lack a will, and 74% lack an estate plan, even among those with assets exceeding $25 million.
The press release notes emotional and practical tension around passing collections and other assets to heirs. Many families feel uncertain about whether younger generations want inherited art, watches, or wine. Digital assets add fresh complexity.
Online accounts, passwords, domain names, crypto holdings, and even social media profiles can hold economic and reputational value. Without clear instructions and appropriate cyber insurance coverage, these assets can turn into messy disputes or easy targets for fraudsters.
A Call to Close the Protection Gap
Chubb’s report paints a hubris-hued picture of confident but exposed wealth. Affluent North Americans feel optimistic about the economy and enjoy robust travel and collection plans. They also face relentless cyber threats, climate shocks, liability risks, and estate-planning gaps.
The company says families that integrate insurance, cyber resilience, and expert partnerships will assume a stronger and more resilient position. For cyber specifically, that means treating personal wealth like an enterprise, tightening controls, and pairing them with robust, standalone cyber insurance coverage.
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