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6 Tips to Secure Your Jewelry Business Today

Store and Cyber Security

According to the FBI and Jewelers’ Security Alliance, the jewelry industry loses more than $100 million each year to crime. You have put your heart and soul into your business. The work it has taken to start a business and build success is worth more than all the precious stones and metals in your inventory. This makes it more important to protect your business against burglary, theft, robbery, shoplifting, and scams. It is never the wrong time to think about the security of your business, stay up to date with the latest security threats in the industry, and prepare for any scenario. 

In-Store Security 

To help give insight for what jewelers with physical locations should consider, Stuller’s director of loss prevention Jay Hebert offered the following tips. 

Limit In-Case Value 

Prepare for smash and grab crimes by reducing the overall value of the items you have in your display cases. One way to do this is using prototypes, when possible, rather than live product to display. 

Install Alarm and Camera Systems 

One of the benefits to today’s security alarm and camera systems is that so many people have them in both commercial and residential locations. They are easily accessible and go a long way to preventing and catching criminal activity. For a directory of companies that specialize in helping retailers with in-store security, visit the Jewelers’ Security Alliance website

Create a Culture of Safe Business Practices 

By instituting various business practices, you can keep your employees and inventory safe. For example, always open and close with at least two people, limit and control traffic within your store, show one piece at a time to customers, do not take jewelry out of the case or outside without ample oversight. 

Thinking about all the “what-ifs” and potential scenarios can be scary. But keeping your business, employees, and inventory safe should be your #1 priority and there are resources out there to help make it easier. Visit the following websites to find solutions to your security needs.

Jewelers’ Security Alliance

Jewelers Mutual Group

“When it comes to store security, the most important thing you can do is pay attention and be aware at all times.”

Jay Hebert, Stuller Director of Loss Prevention

Cyber Security 

With many jewelry businesses operating online and having digital presences, it’s even more important to give attention to how you are protecting your business online. Tony Berry, Stuller’s executive director of information security, provides the following tips for businesses that need to take another look at their cyber security. 

Enable Multi-Factor Authentication 

Multi-factor authentication is a method of authenticating to an internet service (such as email, a website, or financial institution) that requires more than one method to provide your identity. For example, your username and password is the first method and a phone authenticator app is a second method. It’s a similar concept to using a PIN along with your debit card at the ATM. 

Beware of Phishing Emails 

Phishing emails are a type of social engineering where an attacker sends a fraudulent email designed to trick you into revealing sensitive information to the attacker or to deploy malicious software (ransomware or virus) on your PC. When receiving an email from an unknown source, be aware that financial institutions will not typically send emails containing links, emails written with a sense of urgency are a red flag, and emails with numerous grammatical errors and misspelled words can indicate fraud. When in doubt, contact the sender by alternate means to confirm authenticity. 

Enact Safe Username and Password Practices 

Your username and password are typically your first (or only) line of defense online. Use unique passwords for each iteration that use a combination of characters: lower and upper case characters, numbers, and special characters (!, @, #, $, etc.). Not only should you have passwords that are hard to guess, but you should also change them regularly, such as every 90 days. 

Looking at technological risks in running a business can be overwhelming, but there are resources out there to help businesses. Here are a couple of entities that exist to help make sure you and your business are safe online.

Cybersecurity & Infrastructure Security Agency

National Cybersecurity Center