Cyber threats are evolving exponentially and impacting both small and large organizations, including jewelers, especially with the rise of artificial intelligence (AI). That means it’s more important than ever to implement robust cybersecurity protocols and best practices in your store.
Here is what the team of experts at Jewelers Mutual want you to know:
Understanding the Basics is Critical
The first step to protecting your business from cybercrime is knowing what cybercrime is, how jewelry businesses can be impacted, and what common threats you and your staff should be looking out for.
What is Cybercrime?
Cybercrime refers to any criminal activity in the digital realm, spanning internet-connected devices, networks, social media accounts, and even bank accounts.
Common Types of Cybercrime Affecting Jewelry Businesses
- Phishing: Often emails sent with the goal of tricking individuals into sharing sensitive information, clicking on a malicious link, or downloading malware.
- Ransomware: Attackers hold data hostage and demand payment in exchange for its release.
- Business Email Compromise: This threat occurs when a cybercriminal compromises an organization’s email system or individual account for the purpose of fraud.
- Identity Theft: When a valid user’s credentials have been compromised by an attacker, unauthorized access to sensitive information can occur.
- Supply Chain Attacks: When a trusted third-party vendor’s software is compromised, malware can be injected into the software. Once a business downloads the software, it also becomes compromised.
- Insider Threats: Perpetrated by employees or former employees who have direct access to company information or knowledge of business processes, these threats often lead to information being sold for financial gain.
The Jewelers Mutual online Safety and Security Academy can help provide you and your staff with in-depth knowledge on how to keep your staff and business safe from cyber threats and more.
Stay Up to Date on AI
As AI continues to advance, it not only helps improve business efficiency but is also being used to create and deliver more effective malware attacks. Keeping up to date on AI advancements will help you choose the right security technologies to protect your business.
Encrypt Your Data
One of the foundational steps in protecting your digital assets is data encryption. Ensuring that your sensitive information is encrypted can help prevent unauthorized access and protect your business from data breaches.
Utilize Anti-Malware Solutions
Investing in reputable anti-malware solutions is essential. These tools help detect and mitigate malicious software that can compromise your systems. Regular updates and maintenance of these solutions are crucial to staying protected.
Implement Strong Authentication Controls
Strong authentication controls, including Multi-factor Authentication (MFA), are a must. MFA adds an extra layer of security by requiring multiple forms of verification, making it more challenging for unauthorized individuals to gain access to your systems.
Backup Your Data
Regularly backing up your data is a critical practice. Ensure that you have off-site backups stored for at least 30 days and maintain a backup copy to recover quickly in case of data loss or ransomware attacks.
Be Vigilant About Physical Security
The connection between cyber and physical security is often overlooked but crucial to the holistic safety of your business. Ensure that all physical security technology using a network connection is adequately protected to prevent unauthorized access.
Implement a Cyber Incident Response and Recovery Plan
Having a robust cyber incident response and recovery plan is vital for business owners. Know where your sensitive information is located, implement adequate access controls, and talk to your agent about adding cyber liability insurance for added peace of mind.
In the event of an attack, engage your trusted security partner immediately to help mitigate damage and disruptions. Regularly practice your incident response plan to ensure preparedness with your staff.
Questions? Jewelers Mutual is Here to Help
Dive deeper into cybersecurity and learn more from our experts by visiting our cybersecurity page. Here, you can access recordings of our 2024 Cybersecurity Webinar Series, additional cybersecurity training through our Safety and Security Academy, and other valuable resources.
