As cybercrime surges, with $37.4 billion in cyber-related losses reported over the past five years, according to the FBI, jewelers face a critical challenge that will only continue to grow. Gone are the days when security focused solely on physical protection. Today, establishing a robust cybersecurity stance is something every jewelry retailer needs to do.
At Jewelers Mutual, we understand the unique vulnerabilities within the industry. As a trusted adviser to jewelry businesses for generations, we’re committed to helping you navigate the ever-evolving cybersecurity landscape. This October, during Cybersecurity Awareness Month, we want to empower you to take action and cultivate a year-round security mindset within your store.
Understanding Cybercrime
Cybercrime encompasses any criminal activity that exploits digital tools and networks. From internet-connected devices and point-of-sale systems to email accounts and cloud storage, cybercriminals are constantly seeking weaknesses to exploit.
Some of the most common cyberattacks targeting businesses like yours include:
• Phishing: Deceptive emails designed to trick recipients into revealing sensitive information, clicking malicious links, or downloading malware that steals data.
• Ransomware: Malicious software that encrypts your data, essentially holding it hostage and demanding a ransom payment for its release.
• Business email compromise (BEC): Impersonating legitimate vendors or even company executives to trick employees into transferring funds or sending sensitive information.
• Identity theft: When a criminal acquires and uses someone else’s personal or business credentials for fraudulent purposes.
• Supply chain attacks: Targeting trusted third-party vendors to inject malware into their software, compromising any business that downloads it.
• Insider threats: Current or former employees with authorized access who seek to steal information for personal gain.
Securing Your Business
The good news is that proactive steps can significantly reduce your vulnerability to cybercrime. Here’s what you can do right now to take action:
• Cultivate a security-aware workplace: Leadership plays a vital role. Set the tone from the top by emphasizing the importance of cybersecurity and fostering a culture of vigilance.
• Assess your trusted partners: Investigate the cybersecurity practices of your vendors and other businesses you work with. Strong security throughout your supply chain strengthens your overall posture.
• Build relationships with security experts: Having trusted cybersecurity professionals readily available can be invaluable in the event of an attack.
• Train employees: Regularly educate your staff on the latest cyber threats and best practices for secure behavior. Train them to recognize phishing attempts, be cautious about email attachments, and avoid sharing sensitive information online.
• Control employee access: Grant personnel access only to the information and systems they absolutely need to perform their jobs.
• Implement strong authentication: Encourage the use of strong, unique passwords for all accounts. Consider implementing multi-factor authentication (MFA), which adds an extra layer of security by requiring a second verification factor, like a code sent to your phone, to access accounts. Tools such as password managers can help employees securely keep track of complex passwords.
• Strengthen technical controls: Install and maintain anti-malware software, encrypt sensitive data, and implement a firewall that acts as a barrier between your internal network and the internet. Keep your operating systems and software applications up to date with the latest security patches.
Enhance Protection With Cyber Liability Insurance
While proactive measures significantly reduce your cyber risk, unforeseen incidents can still occur. A cyber liability add-on to your business insurance policy can help mitigate potential financial losses resulting from data breaches, fraud, or business interruption due to a cyberattack. Your agent can guide you through the process of finding the right insurance coverage for your specific needs.
Get Free Resources for Your Business
Don’t wait until it’s too late! Equipping yourself with knowledge is the first step toward effective cybersecurity. At Jewelers Mutual, we’re committed to empowering the jewelry industry. Here are some free resources available to you:
• Jeweler Safety and Security Academy: Get free online training for you and your staff on essential cybersecurity topics and risk-mitigation strategies. Enroll today at jewelersmutual.com/academy.
• A Jeweler’s Guide to 24/7 Security: This comprehensive guide delves deeper into physical and cybersecurity best practices specifically tailored for jewelry businesses. Download it for free at JewelersMutual.com/securityguide.
Contact Jewelers Mutual
By adopting a proactive approach to cybersecurity, you can take control and safeguard your business round the clock, all year long. For more information and resources from Jewelers Mutual, visit JewelersMutual.com/cybersecurity.