When you think of stolen diamonds, you likely think of a bank heist or a robber with a balaclava stealing them right out of the store.
Yet in the 21st Century, physical theft is not the only threat to those in the diamond industry. Whatever stage of the diamond trade you’re in, from diamond mining and grading to the diamond cutting industry and distribution, cyber criminals may well be your most significant threat.
If cybercrime were measured as a country, it would be the world’s third-largest economy, with businesses losing $8 trillion globally in 2023.
Cyber Crime Affects All, Big and Small
When it comes to cybercrime, no business is safe. Any company that holds sensitive information is a ripe target for criminals.
New technologies also open up new areas of attack. While AI provides many possible benefits for the diamond industry and other industries, it also opens the door to more sophisticated cyber attacks.
How Can Cyber Crime Affect the Diamond Industry?
The diamond industry is not new to cyber attacks.
The Graff Attack
At the consumer end of the diamond industry supply chain, high-end jeweler Graff fell victim to a ransomware attack in 2021. Being targeted by the Russian hacking group Conti, Graff lost sensitive data for around 11,000 clients.
Iranian Attack
A group linked to the Iranian government named Agrius recently carried out a malware attack against a common Israeli software tool in the diamond industry.
Map showing the supply-chain attack. Courtesy: The Hacker News.
Christie’s Auction House Attack
Established British auction house Christie’s suffered a data breach in 2024. Cybercrime group RansomHub reportedly stole the data of 500,000 of Christie’s clients, many of whom were high net-worth individuals.
Cyber Attacks - What Are They and What to Look Out For
Here are the main types of cyber attacks you and your business are likely to face:
Phishing
One of the most common attacks is phishing, in which attackers trick victims into revealing sensitive information through fake messages.
Malware
Short for malicious software, malware refers to various types of harmful programs, such as viruses, worms, Trojans, and spyware that will infect, infiltrate and damage your computer systems.
Man-in-the-middle (MITM) attack
Attackers position themselves between two communicating parties to eavesdrop, intercept, or modify data without your knowledge.
Supply Chain Attacks
Supply chain attacks target the technology or service providers that are part of an organization’s supply chain.
Social Engineering Attacks
How to Stay Protected and Keep Your Diamonds and Business Safe
Causes of cybersecurity. Source: CyberInt
Protecting the Human Element With Staff Training - Because humans are often the weakest link in the chain, bring in regular, thorough cyber security training for all your employees.
Conducting Consistent Cyber Security Tests - Whatever systems you have, conducting regular tests is the best way to stay protected. This should include penetration testing.
Verifying All Ends of The Supply Chain - As seen with the Agrius attack, a single business being infected can affect the entire supply chain.
Conclusions - Keeping Your Diamonds Safe Both in the Vault and On The Cloud
With the right strategies, planning, and technology partner, you can swiftly enhance your cybersecurity.
For this, look no further than BidGemmer.
BidGemmer provides a secure, reliable platform to support diamond businesses at every stage of the supply chain, enabling customers to focus on growth. From inventory management and customer relationship building to streamlined selling, BidGemmer has everything you need.
Request a Demo today to see how BidGemmer can help you grow your business while staying protected online!
See it against your own stock.
BidGemmer keeps inventory, clients, finance and every auction or tender on the same stone records. Thirty minutes is enough to tell whether it fits how you trade.
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