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How to Protect Your Jewelry Business from Cybercrime

on Nov 11, 2020 10:56 AM

How to Protect Your Jewelry Business from Cybercrime

As we have seen during the COVID-19 pandemic, many small businesses are turning to e-commerce as an additional way to reach their customer base and make sales. These digital e-commerce platforms provide convenience for the consumer as well as efficient and seamless payment processes.

As e-commerce technology continues to evolve and become more sophisticated, criminals are developing tactics to target your assets without ever stepping foot inside your business.

Common Types of Cybercrime:

  • Identity theft using phishing techniques via email, text or phone call.
     
  • Setting up fake accounts that mimic those of a company’s suppliers, and then asking for payment to that account.
     
  • Taking over a store’s mailing system to obtain private information from its customers.

The best way for you to protect your business and customers is to be aware of your vulnerabilities and implement steps to strengthen your security. The video below provides valuable cybersecurity tips from Larry Spicer, Vice President of Risk Management and Loss Prevention.

 

Even if you do not sell inventory online, any computer connected to the internet can become a target, a source of attempted crime. This is even more relevant if you have a broadband connection using either a cable or DSL connection that is always on.

Other Security Tips Include:

  • Add security and anti-virus/anti-malware software to any computer connected to the internet. Depending on how you use the internet, increase the levels of intrusion protection and detection including firewalls making certain to change the product default passwords.
     
  • Keep your systems current with applicable vendor security patches and update anti-virus/anti-malware software weekly or even daily.
     
  • Take extreme caution when opening and downloading email attachments unless you know exactly what it is and that it’s from a reliable source.
     
  • Take extreme caution when clicking on links in emails unless you know it is from a reliable source.  Email phishing is the most common way computers are compromised.
     
  • Protect access to inventory records or financial records stored on computers to prevent disgruntled or former employees from stealing, altering or destroying important business data. Protect data that is stored - restrict access, use security software to encrypt data, and do not retain data for longer than necessary. Protect both the primary source and any backups.
     
  • Use access protection methods, such as strong passwords or passphrases, to prevent access to unauthorized persons. Multi-factor authentication is recommended when connecting to systems remotely.
     
  • Back up and save computer data regularly. Test the back-ups often and store the back-ups at a site away from your business location. Encrypting backups is recommended.

For added security, you can also protect your business with a cyber liability insurance policy. This covers the loss of money incurred due to financial fraud, as well as liability claims where there is a duty to defend lawsuits or regulatory penalties are incurred. Work with a Jewelers Mutual agent to help you find the right insurance coverage to fit your needs.