In the wake of escalating threats and the recent murders of two high-profile corporate executives in Manhattan, American companies are investing unprecedented amounts in executive security measures.
Over the past eight months, these incidents have prompted a doubling of undercover security teams stationed outside New York City buildings, according to Glen Kucera, president of the enhanced protection services unit at Allied Universal, a security and facilities services firm.
The chilling murder of Blackstone executive Wesley LePatner, a former colleague of Rich Friedman, chairman of Goldman Sachs Asset Management, sent shockwaves through Wall Street. "Its unspeakable. I never knew anyone who was murdered," Friedman lamented. Despite authorities' belief that LePatner's killing was a random act, the incident has left a lasting impact. The shooter, who also claimed the lives of a New York City police officer, a building security guard, and a Rudin real estate company employee, was allegedly targeting the National Football League headquarters, located in the same Midtown Manhattan building where LePatner worked.
As reported by One America News, the aftermath of the July 28 killings was marked by heightened unease among employees. Citigroup spokesperson Ed Skyler addressed this in a note to staff, acknowledging the attack as "shocking and hits very close to home." He assured employees that the bank has significantly bolstered security at its Manhattan headquarters over the past year.
The surge in threats against executives has been dramatic since 2020, according to Chris Pierson, CEO of cybersecurity firm BlackCloak. He pointed to the case of a Minnesota lawmaker and her husband's murderer, who allegedly used online people-search services to locate their addresses and had a target list composed mostly of other politicians.
Ben Joelson, head of security risk and resilience for the Chertoff Group, a security advisory firm, confirmed that threats against executives are at an all-time high. He cited social media as a platform that amplifies grievances against institutional leaders, and artificial intelligence as a tool that has led to a significant increase in realistic phishing attempts.
When UnitedHealthcare CEO Brian Thompson was shot dead in New York last December, it was seen as an isolated incident. However, targeted attacks have persisted, including the Minnesota killings and the shooting deaths of two Israeli embassy employees in Washington in May. Joelson noted that this trend has prompted many companies to prioritize security, as "its increasingly acceptable for some bad actors or adversaries to address grievances through violence."
Matthew Dumpert, global leader of enterprise security risk management at financial and risk advisory firm Kroll, reported a surge in client inquiries following the deadly Midtown attack. He revealed that several clients have expedited their emergency response projects, emphasizing the need for immediate action.
Research firm Equilar's data shows a 16% increase in median spending on executive security for top officers, reaching a record $106,530 last year. This includes surveillance and alarm systems for executives' homes, personal guards, and cybersecurity protections. Equilar analysts predict this trend will continue as companies grapple with the growing threats to their executives and employees.
The percentage of executives at the 500 largest U.S. public companies by revenue receiving such protection rose from 23.3% to 33.8% over the 2020-2024 period. Tech companies saw the largest growth in implementing security measures for executives, with a 73.5% increase in those receiving the benefits from 2020 to 2024. However, communications companies spent the most, at a median value of $1.2 million a year.
Major corporations such as Walmart, General Motors, American Express, and chipmaker Broadcom have disclosed new or increased security expenses following Thompsons killing. Equilar's report notes that this trend aligns with broader concerns about executive safety amid geopolitical instability, increasing cyber threats, and the high public visibility of top leadership roles.
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