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‘Ignorance is not bliss’
As our lives get more connected, we need to be better protected – and that begins with having the best personal cyber coverage
Kareen Boyadjian
Tokio Marine HCC – Cyber & Professional Lines Group
Industry experts
Craig Cartmill
Golsan Scruggs
Jeffrey DeHaan
Clearwater Capital Partners
Kareen Boyadjian, based in Los Angeles, CA, leads national product strategy and initiatives for personal cyber called NetGuard® SELECT and healthcare cyber and regulatory billing E&O products, Medefense® Plus, and e-MD®. Since joining the company in 2011 as an underwriting assistant, Boyadjian has gained over 14 years of experience in cyber underwriting and production. She is well regarded in the industry as a formidable and professional leader, particularly noted for her advocacy for women in professional careers. Boyadjian’s expertise encompasses production underwriting and management, and she is committed to developing innovative, impactful solutions for customers and distribution partners alike.
Tokio Marine HCC – Cyber & Professional Lines Group
Kareen Boyadjian
Craig Cartmill is director of GS private client and is based in Portland, Oregon. He brings more than 22 years of experience spanning financial services, insurance, and personal risk management. Prior to joining Golsan Scruggs to help establish and launch its private client risk management practice, his career included leadership roles with JPMorgan Chase and ownership of a captive insurance and financial services agency. Today, Cartmill works with wealth management firms and affluent families to evaluate and manage personal risk exposures, including property, liability, and emerging risks such as cyber threats. His focus is on developing comprehensive risk management strategies that support long-term wealth preservation.
Golsan Scruggs
Craig Cartmill
Jeffrey DeHaan, CFP® serves as the managing partner of the Private Wealth Group at Clearwater Capital Partners. He is a voting member of the firm’s investment policy committee and sits on the firm’s board, underscoring his integral involvement in both governance and day-to-day management at Clearwater Capital Partners.
Clearwater Capital Partners
Jeffrey DeHaan
“It’s not just coverage anymore. In the cyberspace, risk management is a key effort in the entire evaluation”
Kareen Boyadjian, Tokio Marine HCC – Cyber & Professional Lines Group (TMHCC)
As high-net-worth individual (HNWI) wealth continues to grow, so does the potential exposure to increasingly sophisticated cybercrime. Global HNWI wealth increased by 8.7 percent to reach $98.3 trillion by the end of 2025, according to the Capgemini World Wealth Report, while the HNWI population grew 7.9 percent to 25.3 million individuals.
But greater wealth brings increasingly complex risks. Social engineering scams, voluntary wire transfer fraud, cryptocurrency theft, and deepfakes are changing the threat landscape for wealthy individuals – and raising questions about what personal cyber insurance needs to provide.
For Kareen Boyadjian, VP cyber underwriting at Tokio Marine HCC – Cyber & Professional Lines Group (TMHCC), a member of the Tokio Marine HCC group of companies based in Houston, Texas, the shift means insurers need to think beyond simply reimbursing clients following a loss.
“An ounce of prevention is worth a pound of cure. And that’s not just on the client side; that’s also the industry side”
Jeffrey DeHaan,
Clearwater Capital Partners
“I’ve often wondered, what will the cyber insurance landscape look like in 10 to 15 years? Ignorance is not bliss on topics like that”
Craig Cartmill,
Golsan Scruggs
Read on
Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $84 billion as of June 30, 2026. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom, and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings, ‘A++’ (Superior) from AM Best, and ‘AA-’ (Very Strong) from Fitch Ratings; its major international insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
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Published Oct 19, 2026
“It’s not just coverage anymore,” she told IB. “In the cyberspace, risk management is a key effort in the entire evaluation.”
Technology is rapidly changing both sides of the equation here too. While AI is giving insurers, brokers, and advisors new capabilities, cybercriminals are exploiting many of the same technologies to target individuals in increasingly convincing ways. Worryingly, according to Accenture, 77 percent of HNWIs are more concerned about being hacked than they are about their investments declining in value.
And the exposures themselves are evolving quickly.
“We’re seeing a huge increase in social engineering scams, voluntary wire transfer fraud, cryptocurrency theft, deepfake claims,” Boyadjian said. “Yes, the policy can provide financial reimbursement in these scenarios, but it’s still a crippling experience. How do you prevent any of these events happening in real time?”
That question is becoming increasingly important for personal cyber insurers. Rather than viewing the product solely through the lens of what happens after an attack, Boyadjian believes people should instil a preventive, rather than curative, mindset.
“Resources and risk management are not necessarily [front of mind] when thinking about insurance – but in cyber, it’s absolutely crucial to have these in place,” she said.
‘What will the cyber insurance landscape look like in 10 to 15 years?’ However, having the right personal lines product is only one part of the equation. Clients also need to understand the risks they face and what their coverage will, and will not, respond to. Craig Cartmill, director, GS private client at Golsan Scruggs, said cybercrime is already becoming a significant concern among his people.
“I’ve often wondered, what will the cyber insurance landscape look like in 10 to 15 years? Ignorance is not bliss on topics like that,” he told IB.
For some clients, navigating policy conditions, exclusions, and different coverage options can initially appear overwhelming. But Cartmill believes that makes the role of brokers and advisors even more important.
“It can feel overwhelming for some clients to actually go through a process to understand [policies and exclusions and conditions], but with the right process, it actually doesn’t take as much time and energy as the client might think – to move from what we would [term] unacceptable coverage to something really solid.”
That means personal cyber increasingly requires brokers, advisors, and carriers to work together to understand the individual client’s exposures rather than rely on a one-size-fits-all solution.
“This is a moment for advisors, brokers, and carriers to be asking amazing questions and build plans that are fitting the client with the right carriers and the right contract terms,” Cartmill added.
Personal cyber: prevention as well as protection The shift toward prevention is particularly important because cyber risks can develop rapidly and potentially cause significant financial damage before a traditional claims response even begins. Jeff DeHaan, managing partner, private wealth management at Clearwater Capital Partners, said prevention therefore needs to extend beyond the client to the organizations entrusted with managing their wealth and information.
“An ounce of prevention is worth a pound of cure,” he said. “And that’s not just on the client side; that’s also the industry side – having robust policies and procedures in place so that when we are targeted, which is going to happen if it hasn’t yet, we have ways to ensure that we aren’t helping facilitate some form of identity theft or fraud.”
And for personal cyber insurers, like TMHCC, these changing risks are ultimately transforming the definition of the product itself. While coverage remains important, increasingly, it needs to sit alongside expertise, preventive resources, and the ability to help clients respond to threats as they emerge.
“Everyone [needs to get] comfortable with the fact that this is a new exposure they need to add to their list of [talking points] when presenting to a client,” Boyadjian said.
From TMHCC, NetGuard® SELECT is a unique and comprehensive personal cyber insurance solution designed to protect individuals and their families from emerging cyber threats including:
In addition to state-of-the-art insurance coverage, NetGuard® SELECT policyholders have access to IDX’s industry-leading identity protection, fraud detection, and dark web monitoring services to take control of their privacy.
Policyholders simply log onto www.idx.us/tmhcc to learn more and activate their services, with limits up to $2M and low minimum premiums.
What is NetGuard® SELECT?
Cyber extortion
Ransomware
Cybercrime
Online fraud
Cyberbullying
Cryptocurrency theft
Deepfake response
Identity and privacy protection
Tokio Marine HCC – Cyber & Professional Lines Group, doing business as NAS Insurance Services, LLC with the CA license #0677191, is headquartered in Encino, CA, and is a member of the Tokio Marine HCC group of companies based in Houston, Texas. For more information about Tokio Marine HCC – Cyber & Professional Lines Group, please visit www.tmhcc.com/pro.
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HNWI wealth on the rise, alongside cybercrime
Sources: Capgemini, Accenture, Tokio Marine HCC – Cyber & Professional Lines Group
Global HNWI wealth increased by 8.7% to reach $98.3T by the end of 2025
The HNWI population grew 7.9% to 25.3 million individuals
77% of HNWIs are more concerned about being hacked than they are about their investments declining in value
