How to Protect Your Jewelry Store Against Cyber Attacks?

With the alarming escalation of cybercrime, reaching a staggering 4 billion reported incidents in 2021 as per the FBI Crime Complaint Center, the urgency for businesses to adopt preventative security tactics to avert expensive breaches is more pressing than ever.

Retail trends indicate a persistent increase in criminal activity over recent years. Significantly underreported is the plight of the jewelry sector. Jewelry stores, with their compact yet highly valuable stocks, are especially susceptible to theft, including being prime targets for armed robbery. Here are the approaches that will help protect your jewelry store.

Common Cyber Attacks

First you need to learn about the threat for business in order to understand what needs to be countered. There are many different cyber threats, but here are the most common ones:

• Phishing scams involve deceiving individuals into divulging personal details, clicking harmful links, or downloading viruses.
• Ransomware hits its victims by encrypting their data, effectively kidnapping it and requiring a ransom for its release.
• Business Email Compromise happens when a business's email system or a specific account is hijacked with the intent to carry out fraud.
• Identity Theft refers to scenarios where someone's personal credentials are stolen, permitting illicit access to confidential data.
• Supply Chain Attacks take place when malware is secreted into third-party vendor software, subsequently compromising any business that installs it.
• Insider Threats are security breaches initiated by those within the organization – employees or ex-staff – who exploit their access or know-how for personal profit.

Jewelry Store Cyber Security Tips

1 Controlled Access

Securing your premises around the clock is critical. Enforcing locked doors when your business is closed helps thwart unwelcome intrusion. It's imperative to integrate this measure into your standard security protocols to tightly control entry into your establishment. It's the same with cybersecurity. You should integrate access control software, it could be a VPN, zero trust technology, etc. You also need to strictly regulate the places and measures that employees must take when connecting to your work network.

2 Use a Secure Connection

All employees can use VPN. This guarantees to protect your online identity while working remotely and prevents hacker attacks in the store itself. It’s just wiser to choose a no log VPN so that it doesn’t store data about you. One such VPN is VeePN. It also offers advanced AES-256 encryption, 2500+ high-speed servers, and additional traffic security technologies.

3 Don't Store Unnecessary Information

Given the rising threat of ransomware, it's crucial to pay close attention to how we handle our data.

Ransomware, malicious software that encrypts files on a victim's device and demands payment for their release, has become a significant security menace.

In the autumn of 2021, luxury jewelry brand Graff fell victim to one such attack and was coerced into paying $7.5 million to recover access to their encrypted data. The cybercriminal group known as Conti is accountable for the breach, which resulted in the exposure of sensitive customer information before negotiations were settled.

According to Hansen from Jewelers Mutual, ransomware occurrences are now the most frequently reported type of cybercrime among their insured members, with numerous claims filed for assistance to restore access to their compromised systems.

5 Pay Attention to Employee Training

In the span of 2004, he led a research initiative focused on unraveling the mechanics of phishing attacks and the underlying reasons people succumb to them, with the National Science Foundation providing the necessary funding.

"At the time we were conducting our studies, there was a prevalent belief that cybersecurity education wouldn't be effective because it was generally considered tedious and bland," he remarks. "However, we were convinced that we could craft an engaging and enjoyable learning experience."

By 2007, Hong had become a key contributor within the CyLab Usable Privacy and Security (CUPS) Laboratory at his university where an innovative, game-based cybersecurity learning tool known as "Anti-Phishing Phil" was envisioned and created.

This game introduces you to Phil the Fish whose mission is to snap up all the beneficial worms while steering clear of the hazardous ones. Each worm is labeled with a URL and your task is to discern which ones are safe and which ones are not.

Conclusion

Fortifying your jewelry store's cybersecurity is an essential aspect of protecting against costly cyber attacks. By understanding common cyber threats, utilizing controlled access and secure connections, minimizing stored data, and providing employee training, you can significantly reduce your risk of becoming a victim to these types of attacks. Remember to regularly review and update your security protocols to stay ahead of ever-evolving cyber threats.