Jewellers, Have You Done all You Can to Protect Your Business Against a Cyber Attack?


Throughout history, jewellers have been vulnerable to crime. Dealing with high value goods means that security has always been of paramount importance. While most jewellers have robust systems in place 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 cyber crime?

With cyber-attacks becoming more frequent and more sophisticated, jewellers need to be prepared for this growing threat.

The rise in cyber-attacks

The Government’s Cyber Security Breaches Survey 2021 reveals that four in ten businesses reported a security breach or attack in the previous 12 months. The most common were phishing attacks, which accounted for around 80% 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 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, cyber crime can also threaten a jeweller’s reputation. After all, your customers want to feel confident that 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 and hacking into social media or email accounts. This means the criminal could disrupt the business’s systems by installing malware or ransomware.

Criminals have always had to keep innovating to stay ahead and this is certainty true when it comes to 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. That means you 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%) have taken out 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.

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