HELPING JEWELERS BE SAFE, SECURE, AND SUCCESSFUL

The Clarity Blog

Protecting Your Business: Safeguarding Against the Growing Threat of Cybercrime

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As cybercrime surges, with 4 billion cases reported in 2021 according to the FBI Crime Complaint Center, it's vital for organizations to take proactive measures to prevent costly security breaches.

 

Understanding Cybercrime

Cybercrime refers to any criminal activity in the digital realm, spanning internet-connected devices, networks, and even bank accounts.  

 

Common Cyber Attacks: 

  • Phishing: Phishing emails trick individuals into sharing sensitive information, clicking on a malicious link, or downloading malware. 

  • Ransomware: Ransomware attackers hold data hostage and demand payment in exchange for its release.  

  • Business Email Compromise (BEC): This occurs when a cybercriminal compromises an organization’s email system or individual account for the purpose of fraud. 

  • Identity Theft: This occurs when a valid user’s credentials have been compromised, leading to unauthorized access to sensitive information. 

  • Supply Chain Attacks: These occur when a trusted third-party vendor software is compromised, injecting malware into the software. Once a business downloads the software, it also becomes compromised. 

  • Insider Threat: Internal attacks are perpetrated by employees or former employees who have direct access to company information or knowledge of business processes, usually to sell information for financial gain. 

 

Securing Your Business - Take Action Now: 

  • Cultivate a Security-Aware Culture: Establish a tone at the top to create a security-conscious environment. 
  • Assess Trusted Partners' Security Posture: Understand the security posture of your trusted partners. Are they secure?   
  • Build Relationships with Trusted Security Partners: Have experts on hand if a security incident occurs. 
  • Employee Training: Educate your staff on security awareness.  
  • Control Employee Access: Manage information access appropriately. 
  • Implement Strong Authentication: 
    • Use strong passwords and avoid sharing them. 
    • Avoid generic accounts, i.e., accounts used by multiple users and not assigned to a unique individual. 
    • Utilize passphrases for extra security, i.e., a short sentence or phrase made up of 15 characters. 
    • Implement multi-factor authentication. 
    • Employ password management tools, e.g., Keeper and Bitwarden. 
  • Strengthen Technical Controls: 
    • Install anti-malware solutions. 
    • Encrypt your data. 
    • Implement a firewall. 
    • Apply timely security patches to your systems and software. 

 

Enhance Protection with Cyber Liability Insurance: 

You can also protect your business with a cyber liability insurance policy. This covers loss of money due to financial fraud and liability claims. Work with a Jewelers Mutual agent to help you find the right insurance coverage to fit your needs at jewelersmutual.com. 

 

Get Free Training for You and Your Staff

Enroll in the online Safety and Security Academy today for in-depth courses on how to keep your business safe from cyber threats and more at jewelersmutual.com/academy.  
 
Want to learn more about how you can keep your jewelry store safe 24/7? Read our comprehensive Jeweler Security Guide at jewelersmutual.com/securityguide

 

Read the 24/7 Jeweler Security Guide

 

Contact Us

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About Jewelers Mutual Group

Jewelers Mutual was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Later, consumers began putting their trust in Jewelers Mutual to protect their jewelry and the special memories each piece holds. Today, Jewelers Mutual continues to support and move the industry forward by listening to jewelers and consumers and offering products and services to meet their evolving needs. Beyond insurance, Jewelers Mutual’s powerful suite of innovative solutions and digital technology offerings help jewelers strengthen and grow their businesses, mitigate risk, and bring them closer to their customers. The Group insurers’ strong financial position is reflected in their 37 consecutive “A+ Superior” ratings from AM Best Company, as of November 2023. Policyholders of the Group insurers are members of Jewelers Mutual Holding Company. Jewelers Mutual is headquartered in Neenah, Wisconsin, with other Group offices in Dallas, Texas and Miami, Florida. To learn more, visit JewelersMutual.com.