SecurityWise

With cyber-attacks becoming more frequent and more sophisticated, jewellers need to be prepared for this growing threat. TH March outlines the facts and preventative measures.

Have you done all you can to protect your business against a cyber-attack?

Throughout history jewellers have been vulnerable to crime. Dealing with highvalue goods means security has always been paramount. While most jewellers have robust systems to reduce the risk of smash and grab attacks, how many can confidently say they are doing all they can to secure their businesses against cybercrime?

The rise in cyber-attacks

The Government’s Cyber Security Breaches Survey 2021 reveals that four in 10 businesses reported a security breach or attack in the previous 12 months. The most common of those were phishing attacks (a fraudulent message designed to trick the victim into revealing sensitive information to the attacker or to deploy malicious software on the victim's infrastructure like ransomware), which accounted for around 80 per cent of reported incidents.

Experts have warned that Covid-19 has exacerbated the problem because businesses have found it more difficult to put cyber-security measures in place during the pandemic. This may be because of resources being stretched and more members of staff working remotely. The growth in e-commerce is also creating more opportunities for criminals, who are developing increasingly sophisticated methods to access businesses’ data and other assets.

As well as causing huge financial losses, a cyber-attack can also threaten your reputation as a jeweller. After all, your customers want to feel confident you are providing a safe shopping experience.

The changing nature of cybercrime

Jewellers face the constant risk of staff falling for phishing emails or text messages, increasing the danger of email or socialmedia hacking. This means the criminal could disrupt the business’s systems by installing malware or ransomware.

Criminals continually innovate to stay ahead of the law, especially in cybercrime. Because their methods are increasingly sophisticated, it is impossible for any business to identify every potential threat.

Protection against a growing threat

While it is important for every business to educate its staff to recognise potential threats, no one is immune to the risk of a cyber-attack. Everyone should consider having protection in place in case the worst should happen.

According to the Cyber Security Breaches Survey 2021, however, under half of businesses (43 per cent) have some form of cyber insurance.

Most standard property and liability policies have exclusions for cybercrime. This means it is vital for businesses to consider a standalone cyber-liability policy.

Steps to take after an incident

When a cyber-attack occurs, how your organisation responds can make all the difference in mitigating the damages. In particular, time is of the essence, so having an effective cyber-incident response plan in place is vital for your organisation. It should specifically address key actions to implement immediately following an attack. Consider these steps:

• Start documenting the incident • Alert key personnel • Secure all workplace technology • Seek further assistance • Inform appropriate parties

TH March has access to specialised insurers who can provide jewellers with expert advice, guidance and security strategies. This cover can include protection against extortion, corporate ID theft and phishing. Should an attack occur, the business receives cover to respond to the issue, including any legal or regulatory fees, as well as crisis communication and business interruption cover.

Staying Cyber Safe