With cyber losses nearly doubling from 2021 to 2022 and trends continuing upward, it’s important to stay educated on cybersecurity best practices to be able to easily identify threats and help prevent them from occurring in your business.
Understanding Cybercrime
Cybercrime refers to any criminal activity in the digital realm, spanning internet-connected devices, networks, and even bank accounts. These attacks are often motivated by financial gain but can also include influencing elections and espionage.
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, usually perpetrated through malicious links in phishing emails but can also be delivered through unpatched devices.
- Business Email Compromise (BEC): This occurs when a cybercriminal compromises an organization’s email system or individual account for the purpose of fraud. A common example of this is a compromised vendor email system sending an invoice with incorrect payment instructions.
- Identity Theft: Identity theft occurs when a valid user’s credentials have been compromised, leading to unauthorized access to sensitive information, such as bank accounts and policy information. Cybercriminals often use phishing attacks to obtain user credentials.
- 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.
Take Action to Secure Your Business
- 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 does occur.
- Employee Training: Continuously educate your staff on security awareness and safety best practices.
- 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 help protect your business with a cyber liability insurance policy that 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 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 Jewelers Mutual’s comprehensive Jeweler Security Guide at jewelersmutual.com/securityguide.
