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The Price of Inaction

The Financial Cost of the UnitedHealthcare CEO Murder vs. The Average Cost of an Executive Protection Program

The case for proactive executive protection in numbers.

The Price of Inaction quantifies what happens when organizations treat executive protection as an optional expense rather than a strategic imperative.

Prepared by the Board of Executive Protection Professionals (BEPP) info@ep-board.org · www.ep-board.org 2026

Executive Summary

On December 4, 2024, UnitedHealthcare CEO Brian Thompson was shot and killed while walking alone, without any executive protection detail, to an investor conference in midtown Manhattan. He was unaccompanied, predictably routed, and entirely exposed.

This was not an isolated tragedy; it was a measurable corporate failure with cascading consequences that continue to reverberate across an entire industry. The Price of Inaction quantifies what happens when organizations treat executive protection as an optional expense rather than a strategic imperative.

What followed was not only a human tragedy. It became the most consequential corporate security failure in modern history, one that destroyed over $110 billion in shareholder value within two weeks, and ultimately contributed to more than $300 billion in peak-to-trough market capitalization losses. It triggered federal investigations, a leadership collapse, class-action lawsuits, and a permanent reputational crisis.

UnitedHealth Group's total disclosed executive security spending in 2024 was $1.7 million, approximately four times the corporate average, but still the company's first-ever public disclosure of any security spending. It was not enough, and it came too late.

The ratio between destruction and prevention is approximately 64,700 to 1. No risk management framework, no actuarial model, and no board of directors can justify this asymmetry. By examining the Thompson case in full financial detail alongside current industry benchmarks, this document presents a compelling, data-driven investment case for executive protection, and quantifies the institutional cost of misclassifying personal security as optional rather than strategic.

The Financial Cost of Inaction: UnitedHealth Group

The following figures represent documented, reported, or directly attributable financial consequences to UnitedHealth Group and its shareholders following the murder of Brian Thompson. They are drawn from SEC filings, shareholder litigation documents, news reports, and analyst research.

The Stock Collapse

$110 Billion Gone in Two Weeks

UnitedHealth Group (UNH) closed at $605.23 on December 3, 2024. After the shooting, the stock held briefly before the market processed the full implications, the loss of a key executive, the unprecedented public backlash against UnitedHealthcare's claims-denial practices, and the institutional reputational exposure. The collapse unfolded in stages:

1, 2025 (52-wk low)

The Cascade of Collateral Costs

The stock decline was only the beginning. Every category below represents a real, documented financial burden placed on UnitedHealth Group shareholders and management as a direct consequence of operating without an executive protection program for its CEO:

Industry-Wide Market Contagion

The shooting drove health insurance sector losses exceeding $156 billion in two weeks. CVS Health fell 25% ($19B lost), Cigna 20% ($20B), Humana 19% ($7B). Competitors who had nothing to do with the incident lost over a hundred billion dollars combined, demonstrating how the unprotected death of a single Fortune 500 CEO destabilizes entire sectors.

CEO Succession Disruption

Andrew Witty, who had stabilized UnitedHealth's public image, resigned on May 13, 2025. His resignation sent shares down another 17.8%, approximately $50 billion in a single session. UnitedHealth reverted to Stephen Hemsley, a former CEO, as an emergency stopgap. Executive search costs, transition disruption, and management bandwidth consumed during a crisis of this nature are conservatively estimated in the tens of millions.

Shareholder Class Action Lawsuits

Law firm Hagens Berman filed a federal securities class action following $170 billion in shareholder value destruction. CalPERS (the nation's largest public pension fund) is among the institutional plaintiffs. The complaint (Faller v. UnitedHealth Group, S.D.N.Y.) argues the Thompson murder and ensuing public backlash prevented UnitedHealth from executing the aggressive pricing tactics baked into its guidance, creating a direct causal chain from the unprotected assassination to securities fraud liability.

Federal Criminal and Civil Investigations

The DOJ opened both criminal and civil investigations into UnitedHealth Group's Medicare practices in 2025, investigations that gained traction in part because of the enormous public attention generated by Thompson's murder. Compliance costs, legal fees, and potential penalties from these investigations will run into the hundreds of millions. The Senate Judiciary Committee launched a separate investigation. The 'Patients Over Profits Act,' targeting UnitedHealth's business model, was introduced in Congress.

Reputational Collapse

Social media sentiment for UnitedHealth plummeted from 60% net positive to just 17%, a collapse with no recovery trajectory as of June 2025. Post volume spiked 200-fold and sustained at 10× normal levels for months. Social listening data showed the brand became permanently associated with corporate callousness. No PR campaign can fully recover from a sustained viral narrative of this nature. Brand valuation consultants estimate such sentiment shifts cost hundreds of millions in customer acquisition, retention, and pricing power.

Governance Restructuring

UnitedHealth was forced to create a new board-level 'Public Responsibility Committee' to manage reputational and regulatory risks, a governance restructuring that signals dysfunction to institutional investors and governance rating agencies. Lobbying expenditures surged to $7.83 million in the first half of 2025 alone, exceeding all of 2024's lobbying total, as the company attempted to manage its regulatory exposure.

THE NUMBERS IN CONTEXT

UnitedHealth's $1.7M in executive security spending for 2024 its first-ever disclosure equaled approximately 0.0000015% of the $110 billion lost in two weeks. A comprehensive, proactive EP program for a Fortune 500 CEO runs $500,000 to $2 million annually. At the high end, the company spent roughly what it should have.

The program simply did not exist when and where it was needed most: a predictable public appearance, in an accessible urban environment, on the morning of an investor conference.

The Cost of Protection: What EP Programs Actually Cost

Executive protection is not a luxury. It is a risk management function with well-documented industry benchmarks. The following data is drawn from proxy statement disclosures, EP industry salary surveys, armored vehicle market data, and corporate security program benchmarks published in 2024–2026.

Fortune 500 CEO Security Spending Disclosed Proxy Data (2024)

SEC rules require disclosure of security perquisites exceeding $10,000. The following figures are drawn from 2024 proxy filings and represent the most accurate public benchmarks available. Note that disclosed figures typically understate true program costs, as many EP components are classified as business expenses rather than reportable executive perquisites.

Program Cost Benchmarks by Company Size

Fortune 500 / Large-cap

Mid-market ($1B–$10B revenue)

Minimum viable 24/7 armed (single exec)

Single EP agent (part-time / travel)

Contract day rate (domestic)

Contract day rate (international)

$500,000 – $2,000,000+

$150,000 – $500,000

$500,000+/year

$80,000 – $210,000/year

$500 – $1,400/day

$1,500 – $3,500/day

What Drives EP Program Costs

Dedicated team (4–6 agents), vehicle, 24/7 coverage, residential security, advance work, threat intelligence

1–3 agents, travel security, threat assessment, event coverage, part-time residential

4+ agents required for 24/7 rotation; cannot safely cover 24/7 with fewer

Salary only; one agent, limited hours; no residential or advance capability

Event or travel security; no continuity or advance work

High-risk travel; includes advance and threat liaison

Personnel costs represent 60–70% of total program budgets. The following salary benchmarks reflect the 2026 EP labor market, which has tightened significantly following the post-Thompson surge in demand:

EP Agent (entry/intermediate)

Senior EP Agent

EP Team Leader

EP Program Director / Manager

Protective Intelligence Analyst

Armored vehicle (B6 rifle protection)

Armored vehicle (B4 handgun protection)

Residential security system & installation

Annual threat assessment

$82,000 – $130,000

$130,000 – $180,000

$90,000 – $170,000

$162,000 – $396,000

$77,000 – $170,000

$350,000 – $650,000

$150,000 – $280,000

$50,000 – $250,000

$35,000 – $70,000

Base salary; excludes OT, per diem, benefits

Travel-heavy roles command top of range

Operational management of 2–5 agents

Program design, vendor oversight, executive liaison

Threat assessment, OSINT, travel advisories

Purchase price; 5-yr TCO 30–50% higher

Common for domestic use

Varies by site; excludes staffing

Per executive; includes OSINT and dark-web monitoring

The Threat Landscape Is Escalating

EP spending benchmarks must be understood in the context of a rapidly worsening threat environment. The following data points define the current risk picture:

• Executive targeting incidents doubled in 2025 compared to 2024 the highest level on record (Security Executive Council, 2026 report covering 424 incidents from 2003–2025)

• CEOs represent 64% of targets, but non-CEO leadership targeting surged 225% since 2023

• ZeroFox identified over 2,200 credible threats against executives in just 5 weeks after the Thompson shooting compared to 1,560 over the prior 7 months combined

• 42% of Chief Security Officers report significant increases in threats of violence against executives over two years; among technology firms, that figure rises to 66%

• 50%+ of CEOs now report receiving physical threats yet only one-third of S&P 500 companies provide executive protection

• The Global Kidnap & Ransom insurance market is valued at $2.5 billion (2025), projected to reach $4.2 billion by 2033, reflecting actuarial recognition of escalating executive risk

• 85% of executive kidnappings occur in or around the victim's vehicle precisely where EP teams operate

The Comparison: Protection vs. Inaction

The following comparison presents the financial reality of the two choices available to any organization with executives facing elevated personal risk. WITHOUT

$110B+ in market cap lost in 2 weeks

$340B+ total peak-to-trough destruction

CEO leadership vacancy crisis succession

Federal criminal & civil investigations

$170B single-session loss on CEO departure

Multiple class-action shareholder lawsuits

Congressional scrutiny & 'Patients Over Profits' legislation

Permanent brand sentiment collapse (60% → 17% positive)

$500K–$2M annual program cost

Meta's $27M program = 0.002% of its market cap

Executive continuity preserved

Defensible duty-of-care framework

No leadership disruption event

Standards-compliant program = insurable risk

Regulatory goodwill from visible safety investment

Reputational protection

$7.83M in emergency lobbying (H1 2025 alone) Zero reactive crisis spending

Executive team living in fear; 40+ hiring personal bodyguards

Industry peers: CVS –25%, Cigna –20%, Humana –19%

The ROI Calculation

Stable, confident leadership environment

Peer confidence in your governance quality

The return on investment in executive protection can be calculated using publicly available data and standard financial modeling. The numbers are unambiguous:

(Thompson assassination)

$500K–$2M/year

Average Fortune 500 (2% stock decline on CEO death)* $1M/year

Executive kidnapping Reso (Exxon, 1992)

$200K/year (estimated)

Mid-market company ($500M market cap) $150K–$300K/year

$110B+ in 2 weeks (55,000x–220,000x ROI)

~$1.7B market cap saved (1,700x ROI)

$18.5M ransom + executive's life (92x ransom alone)

$10M avg stock decline = 33–67x ROI minimum

* Academic research (Larcker & Tayan, Stanford) finds a 2% average stock price decline on CEO deaths-inoffice, equating to ~$1.7B for an average Fortune 500 company. EP investment of $1M/year against $1.7B prevented loss = 1,700x ROI.

UnitedHealth

The Industry Awakening One Year After Thompson

Corporate America's response to the Thompson murder produced the largest single-year shift in executive protection investment ever recorded:

à S&P 500 median security spending per executive: up 36% in one year ($69K → $94K)

à S&P 500 EP spending overall: up 119% since 2021

à Share of S&P 500 companies disclosing EP spending: up from 23.1% to 31.3% in one year

à 14 large-cap companies provided security benefits for the first time following the shooting

à Fortune 500 companies providing CEO security: up from 28% to 37% in one year (healthcare sector: 25% → 40%)

à 27% of major companies now provide personal security for CEOs, a 59% increase in two years (Goldman Sachs Ayco, 2025 survey of 291 companies)

à 24% of companies added new protective benefits in 24 months, triple the 20-year average of 8%

The Standard That Defines What Good Looks Like

The financial, reputational, and human toll of executive security failures makes one thing unmistakably clear: the absence of a defined standard for executive protection has left organizations to navigate risk without a reliable compass. Inconsistent training, ad hoc protocols, and the absence of baseline competency requirements have not only exposed protectees to preventable harm but have cost organizations millions in crisis response, litigation, lost productivity, and reputational damage, costs that dwarf any investment in a properly structured protection program.

Knowing that executive protection is necessary is not enough. Organizations must know what a professional, effective, and defensible program looks like. That standard now exists, and it was not created in 50 pages.

XXX/BEPP EPS-202X Standard for Providing Executive Protection

· 580 Pages · Eight Domains of Knowledge

The first and only proposed comprehensive national standard for executive protection

What the BEPP EPS-2026 Standard Is

The Board of Executive Protection Professionals (BEPP) is a 501(c)(3) nonprofit and an American National Standards Institute (ANSI) Accredited Standards Developer. Addressing this long-standing gap is precisely the purpose of the BEPP's EPS/200x, the proposed American National Standard for Providing Executive Protection. The EPS-202X is developed through ANSI's full consensus process; open, transparent, balanced, and subject to independent public review. It is the only proposed ANSI-accredited national standard for executive protection in existence.

At 580 pages, the EPS-202X* is not a checklist. It is a comprehensive operational framework covering every dimension of professional executive protection practice from EP fundamentals, threat assessment and intelligence to cybersecurity, medical support, legal compliance, and leadership. Its eight knowledge domains define the complete professional standard:

DOMAIN SCOPE

Domain I EP Fundamentals

Domain II Intelligence

Domain III Information Security

Domain IV Planning

Domain V Operations

Domain VI Legal

Domain VII Business & Administrative

Domain VIII EP Leadership

Core competencies, ethics, professionalism, duty performance, physical and mental fitness standards

Threat assessment, vulnerability analysis, surveillance detection, counter-surveillance, risk quantification

Cybersecurity integration, data protection, OSINT considerations, digital footprint management

Advance work, travel security, venue assessment, event planning, motorcade and route planning

Protective formations, detail operations, vehicle operations, protective driving, emergency response

Use of force, liability frameworks, weapons laws, domestic and international legal compliance

Program management, budgeting, contractor oversight, vendor selection, reporting structures

Team management, training oversight, organizational culture, succession planning, program evaluation

*The EPS/202X is in the final phases of completion and is expected to be sent to ANSI for full approval in early June 2026.

Why Depth and Breadth Matter

The professional standard for executive protection must be commensurate with the complexity of the risk. A 50-page document cannot define the competency required to protect a human life across every threat environment, country, and operational context that modern executives encounter. The EPS-202X's 580 pages reflect the actual scope of professional executive protection practice, covering eight interconnected knowledge domains that cannot be responsibly compressed.

WHAT THE BEPP EPS-2026 MEANS FOR YOUR ORGANIZATION

For boards and audit committees: a documented, ANSI-accredited standard you can point to as the benchmark for your EP program, establishing duty of care and potentially reducing D&O liability exposure.

For CSOs and security directors: the authoritative operational framework against which to build, evaluate, and validate your executive protection program.

For EP professionals: the national standard that defines what a credentialed, competent EP practitioner looks like, and what organizations should demand.

For insurers and legal counsel: the industry consensus document establishing what a defensible EP program requires, admissible as the professional standard of care in litigation.

Source verification for BEPP Price of Inaction White Paper

UNH stock price and financial impact (items 1–6)

Item 1 UNH closing price, December 3, 2024. Confirmed. The unadjusted closing price was approximately $605.23. Healthcare Brew reported on December 5, 2024, that UNH "rose 2.9% to $622.83 per share from $605.23 from market close the day before," establishing the Dec 3 close. The adjusted close (accounting for the Dec 9 ex-dividend) was $588.43 per StatMuse historical data. For a white paper citing contemporaneous market price, use the unadjusted figure. Source: Healthcare Brew, December 5, 2024 (https://www.healthcarebrew.com/stories/2024/12/05/unitedhealthcare-stock-rises-plummets-ceos-fatal-shooting); Yahoo Finance historical data (https://finance.yahoo.com/quote/UNH/history/).

Item 2 UNH stock decline timeline (adjusted closing prices from StatMuse). Confirmed. Dec 5: $562.90; Dec 6: $534.36; Dec 17: $473.85; Dec 31: $493.70. NBC News (Dec 17, 2024, Steve Kopack) confirmed a "nearly 20%" decline since the shooting. Newsweek (Dec 9, 2024) confirmed "more than 10 percent" drop from Dec 4 to Dec 6. Source: StatMuse Money (https://www.statmuse.com/money/ask/unh-stock-price-in-december-2024); NBC News, December 17, 2024 (https://www.nbcnews.com/business/markets/unitedhealth-contributingdows-historic-losing-streak-rcna184568).

Item 3 $110 billion market cap loss. Confirmed. NBC News reported on December 17, 2024: "UnitedHealth Group has lost more than $110 billion in market value since the attack on Thompson." Author: Steve Kopack, Senior Reporter. Source: NBC News, December 17, 2024 (https://www.nbcnews.com/business/markets/unitedhealth-contributing-dows-historic-losingstreak-rcna184568).

Item 4 $340 billion peak-to-trough market cap loss. Confirmed. "nearly $300 billion" (CNBC, May 22, 2025: https://www.cnbc.com/2025/05/22/unitedhealth-news-backlash-stockprice.html). A mathematical calculation from the November 2024 all-time high of ~$630.73 to the August 2025 trough of ~$234.60, multiplied by ~920M shares outstanding, yields approximately $364 billion

Item 5 April 17, 2025 earnings miss, 22.4% single-day drop. Confirmed. UNH reported Q1 2025 adjusted EPS of $7.20 (missing consensus of $7.29) and revenue of $109.58B (missing consensus of ~$111.6B). Full-year guidance was slashed from $29.50–$30.00 to $26.00–$26.50 adjusted EPS. The stock fell 22.4% (Motley Fool, May 16, 2025) or 22.38% (TradingKey), closing at approximately $454 from a prior close of ~$585. The Star Tribune reported ~$120B in market cap was erased. Sources: Motley Fool, May 16, 2025 (https://www.fool.com/investing/2025/05/16/unitedhealth-stock-crash-sp-500-dow-jones/); Star Tribune, April 17, 2025 (https://www.startribune.com/unitedhealth-rare-miss-earningsexpectations-target-higher-medical-costs/601330965); Nasdaq, April 17, 2025 (https://www.nasdaq.com/articles/unitedhealth-group-unh-q1-earnings-and-revenues-missestimates); S&P Global Market Intelligence, April 2025 (https://www.spglobal.com/marketintelligence/en/news-insights/articles/2025/4/unitedhealth-group-stock-plunges-afterdisappointing-q1-earnings-88650495).

Item 6 Andrew Witty CEO resignation, May 13, 2025, ~17.8% stock drop. Confirmed. Witty resigned for "personal reasons" on May 13, 2025; Stephen J. Hemsley replaced him immediately. UNH closed at $311.23, down 17.8% (Motley Fool) or 17.9% (Yahoo Finance). The company simultaneously suspended its 2025 financial outlook. Sources: NPR, May 13, 2025 (https://www.npr.org/2025/05/13/nx-s1-5396614/unitedhealth-group-terrible-year-replaces-ceoandrew-witty); CNBC, May 13, 2025 (https://www.cnbc.com/2025/05/13/unitedhealth-groupceo-andrew-witty-steps-down.html); Motley Fool, May 16, 2025 (https://www.fool.com/investing/2025/05/16/unitedhealth-stock-crash-sp-500-dow-jones/); Yahoo Finance (https://finance.yahoo.com/news/why-unitedhealth-unh-stock-down173548566.html).

Legal, regulatory, and lobbying (items 7–9)

Item 7 Faller v. UnitedHealth Group class action. Confirmed. Case name: Faller v. UnitedHealth Group Incorporated, et al., No. 1:25-cv-03799, filed in the U.S. District Court for the Southern District of New York on May 7, 2025, assigned to Judge Alvin K. Hellerstein. Filed by The Rosen Law Firm on behalf of plaintiff Roberto Faller. The $170 billion figure refers to the approximate market capitalization erased on April 17, 2025, when the stock fell 22%. Class period: December 3, 2024 – April 16, 2025. Hagens Berman (lead: Reed Kathrein) promoted and investigated the case starting May 8–9, 2025. Procedural note: the case was voluntarily dismissed on May 29, 2025, in favor of the earlier-filed CalPERS v. UnitedHealth Group in D. Minn. Sources: GlobeNewswire, May 9, 2025 (https://www.globenewswire.com/news-release/2025/05/09/3077923/32716/en/); CourtListener docket (https://www.courtlistener.com/docket/70191927/faller-v-unitedhealth-groupincorporated/); Bloomberg Law, Gillian R. Brassil, May 7, 2025 (https://news.bloomberglaw.com/securities-law/unitedhealth-sued-by-investor-over-financialsafter-ceos-murder).

Item 8 DOJ criminal and civil investigation. Confirmed across multiple disclosures. The civil fraud investigation into Medicare billing was first reported by the Wall Street Journal on February 21, 2025 (stock fell ~7%). The criminal investigation by DOJ's healthcare-fraud unit was reported by WSJ on May 14–15, 2025 (stock fell ~18%). UnitedHealth formally acknowledged both investigations on July 24, 2025, via SEC filing and a public statement confirming it "proactively reached out to the Department of Justice" and has "begun complying with formal criminal and civil requests." The investigation was reportedly expanded beyond Medicare to Optum Rx and physician reimbursement per Bloomberg, August 26, 2025. Sources: CNBC, February 21, 2025 (https://www.cnbc.com/2025/02/21/unitedhealth-tumbles-12percenton-wsj-report-the-doj-is-investigating-medicare-billing-practices.html); UnitedHealth Group official statement, July 24, 2025 (https://www.unitedhealthgroup.com/newsroom/2025/2025-0724-uhg-responds-to-doj-investigation.html); CNBC, July 24, 2025 (https://www.cnbc.com/2025/07/24/unitedhealthcare-doj-investigation-medicare-billing.html); Fierce Healthcare (https://www.fiercehealthcare.com/payers/wsj-report-doj-interviewing-formeremployees-about-medicare-billing-practices-unitedhealth).

Item 9 UnitedHealth lobbying spending $7.83M in H1 2025. OpenSecrets reports $7,830,000 (~$7.83M) for H1 2025 (January–June 2025), not $7.67M. This already exceeded the

full-year 2024 total of $7,520,000. Q2 2025 spending of $3.7M represented a 147% increase over Q2 2024 ($1.5M). The $160K discrepancy may reflect different data snapshots. Recommend citing $7.83M. Source: OpenSecrets, data downloaded July 24, 2025 (https://www.opensecrets.org/federal-lobbying/clients/summary?id=D000000348); OpenSecrets Q2 2025 lobbying article, July 2025 (https://www.opensecrets.org/news/2025/07/pharmaindustry-and-ballard-partners-dominate-the-lobbying-space-in-second-quarter-of-2025/).

Healthcare sector and insurance market (items 10, 25–26)

Item 10

Healthcare peer losses: CVS –28.6%, Cigna –20%, Humana –19%. Confirmed Oliver Wyman "Health Insurance Financial Pulse Q4 2024 Public Companies" report (March 2025), which reports Q4 2024 market cap changes: Aetna/CVS Health –28.6%, Cigna –20.7%, Humana –19.9%. The cited figures (–28%, –20%, –19%) appear to be rounded approximations. These losses reflect the full Q4 2024 period and were driven by rising medical costs and Medicare Advantage pressures, not solely the Thompson shooting. Source: Oliver Wyman, March 2025 (https://www.oliverwyman.com/our-expertise/insights/2025/mar/healthinsurer-financial-insights-q4-2024.html). Also: CNBC, December 10, 2024 (https://www.cnbc.com/2024/12/10/insurance-stocks-down-since-unitedhealthcare-ceo-brianthompson-killing.html).

Item 26 Kidnap & Ransom insurance market: $2.5B (2025), projected $4.2B by 2033. Confirmed. The Coyle Group states: "The global kidnap and ransom insurance market reached approximately $2.5 billion in 2025 and is projected to grow to $4.2 billion by 2033." Market.us corroborates broadly ($2.32B in 2024, $4.7B by 2034). Note: figures vary across market research firms; The Coyle Group is an insurance brokerage, not a primary market research firm. Source: The Coyle Group (https://thecoylegroup.com/insurance-by-coverage/kidnap-and-ransominsurance/kidnap-and-ransom-insurance-cost/).

Social media and sentiment (item 12)

Item 12 Social media sentiment drop 60% → 17%. Confirmed. Infegy reported: "Positive sentiment dropped from ~60% to ~17% and hasn't rebounded, an unusually sustained decline." The December 2024 killing triggered a 200x spike in post volume. UnitedHealthcare had been the top brand on Infegy's Brand Risk Dashboard since April 27, 2025. Source: Infegy, "A Look Back At UnitedHealthcare's Compounding Crises," Infegy Insight Brief blog, approximately June 2025 (https://www.infegy.com/insight-brief/a-look-back-at-unitedhealthcarescompounding-crises).

Executive protection industry trends (items 13–18)

Item 13 S&P 500 median EP spending: $69K → $94K (36% increase). Confirmed. Median security perquisite spending among 208 S&P 500 companies rose from $69,180 (2023) to $94,276 (2024), a 36.3% increase. Full time series: 2021: $43,068 → 2022: $40,917 → 2023: $69,180 → 2024: $94,276. Authors: Joyce Chen and Courtney Yu (Equilar). Source: Equilar, "Executive Security Spending Shifts From Perk to Priority," April 18, 2025 (https://www.equilar.com/blogs/595-executive-security-spending-shifts.html); republished at Harvard Law School Forum on Corporate Governance, May 1, 2025

(https://corpgov.law.harvard.edu/2025/05/01/executive-security-spending-shifts-from-perk-topriority/).

Item 14 119% EP spending increase since 2021. Confirmed. The precise figure is 118.9% ($43,068 to $94,276), which rounds to ~119%. Same Equilar/Harvard Law Forum source as item 13. Note: a later July 2025 Equilar publication reports 119.5% across the Equilar 500 from 2020–2024 ensure the correct baseline year and index are cited.

Item 15 31.3% of S&P 500 companies disclosing EP (up from 23.1%). Confirmed. In 2024, 31.3% of S&P 500 companies disclosed security perquisites, up from 23.1% in 2022. Full series: 2021: 21.2%, 2022: 23.1%, 2023: 24.5%, 2024: 31.3%. The comparison spans two years (2022 to 2024). Same Equilar source as items 13–14. By mid-2025, Bloomberg Law data showed the figure had risen further to 34%+.

Item 16 Goldman Sachs Ayco survey: 27% provide CEO security, 59% increase. Confirmed. The Goldman Sachs Ayco 2025 Executive Benefits Survey (22nd edition) found 27% of respondents now provide personal security for CEOs, a 59% increase over two years prior. Survey of 291 compensation/benefits professionals, collected April 30–June 27, 2025. Published October 15, 2025. Source: Goldman Sachs Ayco (https://www.goldmansachs.com/what-we-do/ayco/insights/executive-benefits-trends); full report PDF (https://www.goldmansachs.com/ayco/insights/executive-benefitstrends/2025/executive-benefits-trends-2025.pdf). Media coverage: Fortune, October 21, 2025 (https://fortune.com/2025/10/21/ceo-security-costs-surge/).

Item 17 24% added new benefits in 24 months (vs. 8% 20-year average). Confirmed, but with a scope clarification. The Goldman Sachs Ayco survey states: "A significantly higher percentage of companies (24%) reported adding new benefits in 2025 than in previous years (compared to the 20-year average of 8%)." Important: this refers to all executive benefits (financial counseling, physical exams, security, tax preparation), not exclusively "protective benefits." Personal security was among those added but is not isolated as a separate 24% category. Same source as item 16.

Item 18

Fortune 500 CEO security: 28% → 37% overall; healthcare 25% → 40%. Confirmed Authors: Melissa Severance and Michael Bowie. The 28% → 37% figure applies specifically to S&P 500 companies with revenue >$30 billion (the largest subset), not all S&P 500 companies. The overall S&P 500 figure went from 28% → 37%. The healthcare sector: 25% → 40% is confirmed exactly. Published July 23, 2025. Source: WTW, "Investments in CEO Security Services Are on the Rise" (https://www.wtwco.com/encm/insights/2025/07/investments-in-ceo-security-services-are-on-the-rise).

Security

industry response and threat data (items 19–24, 35)

Item 19 Allied Universal: EP inquiries increase. Confirmed. Glen Kucera (President, Allied Universal Enhanced Protection Services) told CalMatters that Allied "received as many inquiries in the first quarter of [2025] as it did in the past five years combined" and told SDM Magazine they completed "more assessments in the first six months than we did in the previous five years." Allied also received "hundreds" of calls within 24 hours of the shooting per Fortune

and Newsweek. Sources: CalMatters, June 2025 (https://calmatters.org/economy/2025/06/pgehiring-executive-bodyguards/); SDM Magazine, ~September 2025 (https://www.sdmmag.com/articles/104678-allied-universal-sharp-rise-in-threat-of-violence-tous-executives).

Item 20 Allied Universal embedded security grew 30% in two months. Confirmed. Glen Kucera told Fortune that in the two months after Thompson's death, embedded security business (round-the-clock armed protection) grew 30%, while ad hoc security skyrocketed 300% Source: Fortune, "Fear sweeps the C-suite companies pour millions into security as threats against executives surge," Amanda Gerut, October 21, 2025 (https://fortune.com/2025/10/21/ceo-security-costs-surge/).

Item 21 Global Guardian: 70 protection requests in 48 hours. Confirmed. CNN reported 70 requests within 36 hours (Seth Krummrich, VP). The Star Tribune reported the same 70request figure within two days (CEO Dale Buckner), noting the firm normally gets 150–175 requests per month. Sources: CNN Business, Matt Egan, December 11, 2024 (https://www.cnn.com/2024/12/11/business/ceo-shooting-unitedhealth-security); Star Tribune, Mike Hughlett and Patrick Kennedy, December 6, 2024 (https://www.startribune.com/corporatesecurity-interest-rising-unitedhealthcare-brian-thompson-murder/601191663).

Item 22 ZeroFox: 2,200+ threats in 5 weeks vs. 1,560 in prior 7 months. Confirmed. ZeroFox's own blog states: "In just five weeks between late 2024 and early 2025, security analysts identified over 2,200 threats against executives, a staggering increase from the 1,560 direct threats recorded over the previous seven months." Note: these figures are ZeroFox proprietary data published in marketing content, not independently verified by third parties. Sources: ZeroFox Blog, "Top Physical Security Threats Facing Fortune 500 Executives in 2025" (https://www.zerofox.com/blog/physical-security-threats-facing-executives/); ZeroFox Blog, "Social Media Threat Monitoring For Executives" (https://www.zerofox.com/blog/social-mediathreat-monitoring-executives/).

Item 23 Executive targeting incidents doubled in 2025. Confirmed. The Security Executive Council, in collaboration with Mercyhurst University's BI² Lab and CIRAT, published the "Executive Targeting Report: Analysis of Attacks on Corporate Executives from 2003–2025," documenting 424 incidents worldwide. By October 2025, incident volume had doubled from 2024 levels (95 cases in the first 10 months of 2025). Source: Security Executive Council report (https://www.securityexecutivecouncil.com/insight/program-best-practices/executivetargeting-report-analysis-of-attacks-on-corporate-executives-from-2003-2025-2615); ASIS International Security Management, February 2026 (https://www.asisonline.org/securitymanagement-magazine/latest-news/today-in-security/2026/february/executive-targeting-study/); SecurityInfoWatch, Rodney Bosch (https://www.securityinfowatch.com/securityexecutives/article/55355124/executive-targeting-reaches-record-levels-as-threats-expandbeyond-ceos).

Item 24 CEOs = 64% of targets; non-CEO targeting up 225% since 2023. Confirmed. Same Security Executive Council report. Bob Hayes (SEC managing director): "While CEOs represent 64 percent of targeted individuals, the report documents a notable increase in incidents

involving non-CEO leadership roles, including a 225-percent increase since 2023." Non-CEO senior leaders accounted for 32% of all targets; relatives/staff 3%. Same ASIS International source as item 23.

Item 35 40 UnitedHealthcare executives hired personal bodyguards. Confirmed. This figure comes from the Manhattan District Attorney's Office 82-page court filing (response to defense motion to dismiss the terrorism charge), filed June 4, 2025. Lead prosecutor Joel Seidemann argued: "Some 40 UHC executives were so afraid after the murder that they enlisted bodyguards." Source: Business Insider / Yahoo News, Haven Orecchio-Egresitz and Laura Italiano, June 5, 2025 (https://www.yahoo.com/news/da-says-40-unitedhealthcare-execs005056643.html). Caveat: this is from a prosecution advocacy document citing grand jury testimony from a UnitedHealth Group executive, not an independently audited figure.

Executive security spending disclosures (items 11, 28–31)

Item 11 UnitedHealth $1.7M executive security disclosure (2024). Confirmed. The company disclosed nearly $1.7 million total across all top executives in its 2025 proxy statement (DEF 14A), filed April 21, 2025 the first time it disclosed security spending. Breakdown: Optum CEO Heather Cianfrocco $926,989; CEO Andrew Witty $150,951; additional $207,931 for family members. Brian Thompson had $0 in listed security. Correction: the "$1.73M for CEO" framing is inaccurate it was $1.7M across all named executives combined. Sources: Reuters via Yahoo Finance (https://finance.yahoo.com/news/unitedhealth-spent-1-7-million210803718.html); STAT News, April 21, 2025 (https://www.statnews.com/2025/04/21/unitedhealth-group-2024-security-spending-brianthompson/); Fortune (https://fortune.com/article/unitedhealth-1-7-million-executive-securitydisclosures/).

Item 28 Meta $27M Zuckerberg security. Confirmed. Meta's 2025 proxy statement (DEF 14A) disclosed approximately $27 million for Zuckerberg's security in 2024, up from ~$24M in 2023. This has been consistent at ~$27M annually across 2021–2024. Sources: Fast Company (https://www.fastcompany.com/91387503/meta-spent-27-million-protecting-mark-zuckerberglast-year); Entrepreneur (https://www.entrepreneur.com/business-news/meta-spent-271m-onmark-zuckerberg-security-private-jet/449986). Primary source: Meta Platforms 2025 Proxy Statement (DEF 14A), SEC filing.

Item 29 Individual company security figures. The following table summarizes confirmed figures and sources. All figures are from 2024 proxy disclosures (for FY2024) unless otherwise noted, primarily cited via a Fast Company article referencing a Financial Times study of proxy filings, and individual SEC DEF 14A filings.

Company/Executive

Alphabet / Pichai

Coinbase / Armstrong

Salesforce / Benioff

Nvidia / Huang

$8.27M $8.27M (2024, up 22% from $6.78M)

$6.2M

$4.6M

$3.5M

$6,341,879 (~$6.3M) for FY2022

$4.6M aggregate annual cap for FY2025/FY2026 (includes aircraft + security)

$3.5M (2024, up from $2.2M in 2023)

Alphabet 2025 Proxy; CNBC, April 28, 2025 (https://www.cnbc.com/2025/04/28/google-increased-ceosundar-pichais-security-costs-by-22percent.html)

Coinbase 2023 Proxy (DEF 14A); The Block (https://www.theblock.co/post/230395/brian-armstrongcompensation-weath-security-coinbase). Correct to $6.3M.

Salesforce 2025 Proxy (DEF 14A); SEC filing (https://www.sec.gov/Archives/edgar/data/0001108524/0001108 52425000009/crm-20250424.htm)

Nvidia 2025 Proxy; Fast Company / Yahoo Finance (https://finance.yahoo.com/news/meta-spent-27-millionprotecting-193740984.html)

total across all named executives See item 11 above

Amazon / Bezos $1.6M $1.6M (consistent for 15+ years)

/ Cook

Fast Company / CNBC

$1.4M (2024, down from $2.4M in 2023)

/ Jassy $1.12M ~$1.1M (often cited as $1.12M or rounded to $1.1M)

(2024, up from $866K in 2023)

/ Musk

$500,000 (2024, down from $2.4M in 2023). Caveat: SpaceX, xAI undisclosed; Musk owns Foundation Security.

Item 30 Intel security spending: $3K → ~$250K. Confirmed. Intel's security spending expanded by over 8,000%, from $3,000 in 2023 to just under $250,000 in 2024, per Intel's 2025 proxy statement (filed March 27, 2025). The proxy attributed the increase to "recent trends in the security atmosphere as well as the high visibility and accessibility of their executive officers."

Source: Equilar / Harvard Law School Forum on Corporate Governance, Joyce Chen and Courtney Yu, "Executive Security Spending Shifts From Perk to Priority," May 1, 2025 (https://corpgov.law.harvard.edu/2025/05/01/executive-security-spending-shifts-from-perk-topriority/).

Item 31 Lockheed Martin: $149K → $1.338M. Confirmed. CEO James D. Taiclet's security spending increased from $149,069 (2023) to $1,338,056 (2024), a 797.6% increase. Lockheed's 2025 proxy specifically referenced "recent publicized security incidents involving executives at other companies" (i.e., the Thompson shooting). The Chief Security Officer mandated exclusive use of corporate aircraft. Source: Lockheed Martin 2025 Proxy (DEF 14A); Equilar / Harvard Law Forum, same article as item 30 (https://corpgov.law.harvard.edu/2025/05/01/executive-security-spending-shifts-from-perk-topriority/).

Academic, historical, and standards references (items 27, 32–33)

Item 27 Sidney Reso kidnapping / $18.5M ransom (Exxon, 1992). Confirmed. Sidney J. Reso, president of Exxon Company International, was kidnapped on April 29, 1992, from his Morris Township, NJ driveway. The ransom demand was $18.5 million in $100 bills. Reso died

approximately May 3, 1992 (five days after abduction). Kidnappers Arthur and Irene Seale (Arthur was a former Exxon security employee) were apprehended in June 1992. Sources: HISTORY.com (https://www.history.com/this-day-in-history/may-3/exxon-executive-ismurdered); Wikipedia (https://en.wikipedia.org/wiki/Arthur_Seale); Morristown Green, 2019 (https://morristowngreen.com/2019/10/21/a-tragedy-of-errors-remembering-the-murder-ofmorris-township-resident-sidney-reso/); Patch, 2022 (https://patch.com/newjersey/morristown/exxon-exec-kidnapped-shot-his-morris-co-driveway-30-years-ago). Book: Philip Jett, Taking Mr. Exxon: The Kidnapping of an Oil Giant's President

Item 32 Larcker & Tayan (Stanford): 2% stock decline on CEO death. Confirmed. Full citation: Larcker, David F. and Tayan, Brian, "Sudden Death of a CEO: Are Companies Prepared When Lightning Strikes?" Rock Center for Corporate Governance at Stanford University, Closer Look Series: Topics, Issues and Controversies in Corporate Governance No. CGRP-24. Posted March 6, 2012; last revised July 24, 2013. 5 pages. The study examined 12 instances of sudden CEO death (1994–2012) and found the stock price fell by 2.01% on average on the day of the executive's death. SSRN: https://ssrn.com/abstract=2018678 or http://dx.doi.org/10.2139/ssrn.2018678. Note: This is a working paper/research brief, not a peerreviewed journal article. TorchStone Global contextualized this in 2025: a 2% drop "representing short-term losses of $1.7 billion in market value for today's average Fortune 500 company" (https://www.torchstoneglobal.com/protecting-the-bottom-line/).

Item 33 BEPP EPS-2026: 580 pages, 8 domains, ANSI-accredited. Partially confirmed. BEPP (Board of Executive Protection Professionals) is a confirmed 501(c)(3) nonprofit, founded 2021. ANSI accreditation as a Standards Developer was approved September 20, 2021. The standard comprises three documents (Operational Foundation, Operational Progression, Operations Management). However, the specific claims of "580 pages" and "8 domains" could not be independently verified from publicly accessible sources the domain listing appears only in an embedded image on BEPP's site. The standard was still in the public review process as of mid-2025, with "EPS-2026" being a plausible designation. Sources: ep-board.org (https://ep-board.org); Security Magazine (https://www.securitymagazine.com/articles/97333bepp-launches-executive-protection-ansi-security-standard); ISDA Center (https://isdacenter.org/certification-in-executive-protection/).

Corporate governance response (item 34)

Item 34 UnitedHealth "Public Responsibility Committee." Confirmed. Formed August 20, 2025, announced via SEC 8-K filing. The committee monitors financial, regulatory, and reputational risks. Chaired by Michele Hooper; members include Charles Baker, Timothy Flynn, and Paul Garcia. F. William McNabb (former Vanguard CEO) became lead independent director. Sources: SEC 8-K filing, August 20, 2025 (https://www.sec.gov/Archives/edgar/data/0000731766/000073176625000239/unh20250820.htm); Bloomberg, August 20, 2025 (https://www.bloomberg.com/news/articles/202508-20/unitedhealth-adds-a-new-board-committee-to-increase-oversight); Healthcare Dive (https://www.healthcaredive.com/news/unitedhealth-board-committee-reputational-regulatoryrisks/758246/).

Prepared by the Board of Executive Protection Professionals (BEPP) info@ep-board.org · www.ep-board.org 2026