Jewellery businesses of all types face a significant challenge in today’s digital landscape, as they have become prime targets for cyber threats. The allure of valuable customer and company data, coupled with the increasing shift towards online transactions, makes the entire jeweller industry susceptible to cybercriminal activities. In response to these evolving threats, all jewellers must prioritise cybersecurity measures and data protection practices.
The shift towards online transactions and the storage of sensitive customer data has made the jewellery industry an enticing target for cybercriminals. Who can exploit vulnerabilities to gain unauthorised access to valuable personal information.
It’s essential that all businesses try to combat cyber criminals. While businesses can’t remove the threat altogether, you can add deterrents to their systems to make life harder for the cybercriminal trying to attack your business. A great place to start would be:
- Encryption
Installing software that converts your information into a secret code to hide its true meaning slows hackers down and deters them. - Firewalls
Investing in a security system that restricts internet traffic into, out of, or within a private network provides you with peace of mind that any unwanted access will be flagged. - Multi-factor authentications (2FA)
Adding layers to your security method means that not only would customers and employees need their password to log in to an account, but they would need a code sent to their mobile. Without the code, hackers can’t gain access. - Educate employees
Conducting workshops and awareness campaigns will help your staff to be more vigilant when things don’t look quite right.
These are great starting points when it comes to cyber security for small businesses. While no organisation can be entirely immune to cyber threats, preparedness is key. Jewellery businesses must have a well-defined incident response plan in place, outlining steps to contain the breach, mitigate damages, and promptly notify affected customers.
What happens when protection fails?
According to a recent study by Help Net Security, 40% of respondents admitted to being breached over the past 12 months by cyber criminals. * With this startling figure in mind, it’s important to have a safety net for your business and your customers should your business
Cybersecurity insurance, as a stand-alone policy separate from a comprehensive Jeweller’s Block insurance, provides a safety net against several risks arising from cyber incidents. These policies can cover various aspects, such as data breach response costs, legal liabilities, and business interruption expenses resulting from cyber incidents.
Find out more about how you can protect your business’s and your customer’s data with Cyber insurance.
* After being breached once, many companies are likely to be hit again – Help Net Security
* State of Retail: Why Jewelers Need to Invest in Cybersecurity Now | National Jeweler