U.S. companies are spending more than ever to protect their top executives, as threats and violent attacks on corporate leaders have become more common. This surge in security measures comes after two high-profile killings of business officials in New York City over the past eight months.
In response to a recent shooting in Manhattan that left four people dead, including a New York City police officer and a building security guard, companies have doubled the number of plainclothes security teams near their office buildings. The attack, which authorities believe was aimed at the NFL headquarters but resulted in the death of Blackstone executive Wesley LePatner, has rattled Wall Street. The shooter also killed an employee at a real estate company before turning the gun on himself.
Executives and employees at companies like Citigroup have expressed shock and unease following the incident. Citigroup confirmed it has increased security at its Manhattan headquarters over the last year as concerns rise.
Experts say that threats against executives have grown sharply since 2020. Some attackers use online tools and social media to gather information, fueling more realistic and frequent attacks. Cybersecurity professionals point out that advances like artificial intelligence make it easier for criminals to carry out sophisticated phishing scams and other digital threats.
The murder of UnitedHealthcare CEO Brian Thompson in December 2023 was initially seen as a rare event. But recent killings, including the Minnesota shootings of a lawmaker and her husband, and attacks on Israeli embassy staff in Washington, suggest violence against leaders is becoming more accepted by some extremists.
In the wake of these events, companies are acting fast to beef up security. Several firms have moved emergency response plans up from later this year to start immediately, with executives such as chief legal officers and security heads leading these efforts.
Data from research firm Equilar shows that spending on security for top executives last year reached a median of $106,530—up 16% from before. More executives now have protection, with about one-third receiving security services compared to less than one-quarter four years ago. Tech companies have seen the biggest increase in security adoption, while communications firms spend the most per executive.
Major corporations like Walmart, General Motors, American Express, and chipmaker Broadcom have reported new or increased spending on executive safety since Thompson’s death.
These changes reflect broader worries about executive safety amid global unrest, cyber threats, and the high visibility of company leaders. For many firms, enhanced security has shifted from a luxury to a necessity as they face a new reality of risk.