American businesses have increased their executive protection expenses to historic highs because of escalating threats that include the recent New York murders of corporate leaders.
The security company Allied Universal reports that plainclothes guards stationed outside Manhattan offices have increased by 100% since the July 28 shooting that resulted in the deaths of Blackstone executive Wesley LePatner and three other people.
Security experts link the rise of executive threats to social media-fueled grievances and sophisticated phishing attacks which have increased since 2020. The December assassination of UnitedHealthcare CEO Brian Thompson and the June murder of a Minnesota lawmaker and her husband are among the deadly incidents that have occurred.
The largest U.S. public companies increased their median security expenses for top officers by 16% during the last year to $106,530 according to Equilar. The percentage of CEOs who received personal protection services rose to 33% in 2022 from 22% during the previous year.
Organizations are speeding up their security development initiatives while enhancing their physical security measures and cyber defense systems. The Chertoff Group’s Ben Joelson explains that executive security has become an essential operational priority for companies because bad actors now view violence as an acceptable way to address grievances.
