Hartford Business Journal

HARTFORDBUSINESS.COM | MAY 18, 2026 15 or threatening language. The process also includes physical assessments of executives' homes and offices, along with cyber-risk anal- ysis aimed at identifying vulnerabilities ranging from personal social media exposure to weaknesses in home internet networks. Security teams tailor protection levels to executives' risk profiles, including when to deploy uniformed versus plainclothes personnel, Moran said. In high-traffic environments, visible security can serve as a deter- rent. In private, the goal is often for security to blend in, he said. "Our goal is to reduce their risk without increasing friction in their day-to-day life," Moran said. Security concerns are also contrib- uting to increased corporate aircraft use, as companies seek to reduce executives' exposure to public airports, crowded terminals, public Wi-Fi networks and other environments that could make their movements easier to track. "An executive on a public network is vulnerable in ways most people don't think about," Moran said. Security boom Meantime, increased demand has reshaped the security industry, fueling rapid growth for companies like Protos Security. The Norwalk-based company's soft- ware platform coordinates personal protection operations across multiple locations through a national network of security partners. Protos, which is backed by Green- wich private equity firm Southfield Capital, has expanded through 12 acquisitions since Hjelle became CEO in late 2022. In April, the company acquired Virginia-based AT-RISK International, which specializes in executive protec- tion and risk consulting. Hjelle said the deal reflects growing demand for executive protection services and gives Protos the ability to support U.S.-based clients traveling internationally — a frequent request. "Demand has really been skyrock- eting the last 24 months," he said, citing not only the Thompson killing but a series of other incidents, from the mass shooting last summer at a Midtown Manhattan office tower housing the National Football League and Blackstone to rising geopolitical risks. Aetna's Hartford headquarters (left) and The Hartford's downtown campus. Both insurers have expanded executive security measures amid a heightened corporate threat environment. Photos | CoStar EXECUTIVE SECURITY BENEFITS AMONG S&P 500 COMPANIES % OF S&P 500 COMPANIES DISCLOSING EXECUTIVE MEDIAN VALUE OF YEAR SECURITY PERKS THOSE PERKS 2021 23.6% $55,228 2022 25.4% $70,266 2023 28.0% $99,655 2024 33.5% $108,714 2025 37.8% $130,468 Source: Equilar, "Early Look: Executive Security Perks on the Rise," April 10, 2026. Based on analysis of S&P 500 proxy filings through April 7, 2026. By Andrew Larson alarson@hartfordbusiness.com S ince 2006, the U.S. Securities & Exchange Commission has required public companies to disclose executive benefits worth more than $10,000, including security-related expenses such as home protection systems, personal security personnel and secure transportation. Under current rules, many of those costs are treated as taxable compensation and must be disclosed in annual proxy filings. However, as more companies expand executive protection programs, some are pushing regu- lators to rethink how those costs are classified and disclosed. Janice Brunner, group general counsel of The Travelers Cos., which maintains significant operations in Hartford, argues the current frame- work is outdated and no longer reflects today's security environment. In a June 2025 comment letter submitted to the SEC during a review of executive compensation disclosure rules, Brunner argued that executive security expenses are necessary business costs tied to executives' job responsibilities, rather than personal benefits that must be publicly disclosed. "Executive security is critical to the ability of many executives to perform their duties," Brunner wrote, adding that executives "face significant secu- rity threats stemming directly from their positions." Brunner cited prior SEC guidance supporting that interpretation. Also, during the COVID-19 pandemic, the SEC indicated that benefits previ- ously considered perks — including enhanced home technology — might no longer qualify as such when tied to changing business conditions. Some companies are already taking a narrower approach to what security costs they publicly disclose. Bloomfield-based Cigna, one of the nation's largest health insurers, does not classify executive security costs as a reportable executive benefit in its proxy filings. The company's position is that those expenses are "integrally and directly related to the performance of their executive duties," the legal standard that exempts certain costs from disclosure requirements. The SEC has signaled it may revisit the issue. In a February speech, Chairman Paul Atkins said possible changes under consider- ation include "recategorizing some personal security as a necessity rather than an executive 'perk,'" according to Reuters. Critics argue that reclassifying executive security as a business expense could reduce transpar- ency by allowing some costs to disappear from proxy disclosures altogether, making it more difficult for investors to evaluate how much companies spend protecting senior executives. Companies push SEC to rethink executive security disclosure rules Protos now employs roughly 500 full-time corporate workers, including about 100 in Connecticut. The company also operates what it says is the nation's largest off-duty law enforcement network, with ties to more than 1,000 public safety agencies. Hjelle said the company's revenue has grown by more than 20% annually over the past several years. Still, he said the most significant shift is not the volume of demand, but who is driving the conversations. Until recently, executive protec- tion discussions typically occurred among chief security officers and HR departments. Now, they are happening in boardrooms. "The actual board of directors is now getting involved — saying we need this for governance, frankly for the health of the enterprise," he said. Hjelle acknowledged that many executives would prefer to forgo security altogether, viewing it as an intrusion on their daily lives. "A lot of CEOs say, 'I don't really need it — I don't want someone following me around,'" he said. "But it's not really just about you. The more important consideration is the share- holders, employees and suppliers of your company who would all be negatively impacted by an event."

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