Amidst all the fun and spectacle of great sporting events and cultural festivals, a difficult conversation that HNW travellers must have is about their physical security in case things go wrong. We talk to a firm that caters to this need.

Now that the Paris Olympics are under way, drawing in movie stars such as Tom Cruise as well as the usual political leaders and other VIPs, security springs to mind.

But although such events can come with heightened security threats, Global Guardian, a firm advising HNW individuals, corporates and others about physical security, doesn’t see it as its job to suggest that clients watch these jamborees on the TV at home. 

“The bigger the event, the more coverage it has geographically, then that is where the greatest exposure is going to be,” Dale Buckner, chief executive, Global Guardian, told this news service. 

“For us, with the corporate constituency, the number of people at Fortune 500 firms going to these sorts of events has fallen. There is a smaller footprint,” he said. In the past, a firm might bring 50 to 100 such persons to these events. Now, it is more than half that number, Buckner said. 

“If you want to go to a once-in-a-lifetime event or a remote place, we won’t say don’t go…what we say is to recognise there is a risk. That means if you go, have a real plan. Understand that if someone is kidnapped, injured or so on, then have a plan and arrange support,” he said.

While not a comfortable subject, security is part of the wealth management advisory “value proposition.” Global Guardian, which is headquartered in McLean, Virginia and has an office in London, handles areas such as residential security, investigative matters, cybersecurity, and others. We have spoken to the firm, and others in the space, before. At a time when cybersecurity is very much in the news, the more physical side of security can sometimes be overlooked.

The business of protecting people from physical and cybersecurity threats is large and growing. According to Allied Market Research, the global physical security market size was worth $104.6 billion in 2020 and is projected to rise to $192.9 billion by 2030. As for “cyber,” the global market is about twice the monetary value of the “physical” one – around $202 billion in 2022 and estimated to rise at a compound annual growth rate of 12.3 per cent from 2023 to 2030 (source: Grand View Research). The physical side can cover areas such as CCTV cameras, bodyguards, security patrols, investigators, protection devices (including those licensed in certain places to carry firearms), locks and monitoring tools. Another metric is cyber-insurance that covers breaches, ransoms and loss of business because of an attack. The market is expected to rise from $10.3 billion this year to $17.6 billion by 2028 (source: Markets And Markets.)

Paris security
Paris is said to have assembled a force of some seventy-five thousand police officers, soldiers, and private security guards. It has also invited some US law enforcement personnel, including from New York, Los Angeles, and Virginia (source: Council on Foreign Relations). Roads and metro stations have been closed. Some 44,000 barriers have been erected. And an elaborate system of QR codes has been set up for residents and others seeking access to the river Seine and its islands (source: BBC).

With HNW individuals and their families keen to get out and about more than two years on since the end of the pandemic, the “FOMO” force encouraging people to savor outdoor music festivals, sports tournaments and the like puts a premium on physical security preparation. 

“We do think that there is a 'pent-up' factor. When you come out [from a lockdown], then if you are in retirement or young, the preciousness of experiences and desire to tick off your bucket list is strong,” he said. “We have seen a lot of that.”

Buckner gave the case of high net worth families who have told him they want to take 15 global trips in the next two years.

Already, the apparently malicious disruptions to high-speed rail services on the eve of the Olympic opening ceremony last Friday was a reminder of the problems that can occur. In the background, is the realization that the games coincide with wars in Ukraine and the Middle East, while France itself has been through a difficult election season.

Global Guardian’s Buckner said that with events such as the Olympics, some of the largest vulnerabilities are to be found outside the actual enclosed spaces – like a stadium – than inside. Given that the Games this year are being staged in multiple venues in the Paris area, this adds to challenges.

“For example, if a client is in an airport, the greatest vulnerability is outside the security perimeter; it is the case with the Olympics, with Formula 1 racing, NFL games, etc,” Buckner said. “Our first bit of advice is to be very efficient in and out [of the venue and nearby area],” he said. “You need to have an egress route and know what your options are, where medical services can be found if you need them.” 

Even before Covid, but certainly afterwards, several major cities have seen rises in forms of crime, such as thefts, burglaries and assault. “You have people not feeling very safe…there is going to be more demand for security.”