Graff’s Ransomware Payment Not an Unusual Move, Expert Says
The high-end jeweler reportedly paid a $7.5 million ransom to a group of hackers and is suing its insurance company to cover the loss.

Ransomware is malware that uses encryption to hold a victim’s system or personal data hostage, basically, and demands payment to get them back.
Following the attack on Graff, Conti, the group that took credit for it, leaked data about the brand’s clients, such as their names and, potentially, their home addresses.
Graff counts many high-end clients and celebrities as customers, and the data breach included leaked data about the royal families in Saudi Arabia, the United Arab Emirates, and Qatar, prompting Conti to issue an apology to the families involved, an unusual move for the group.
Conti threatened to leak more of Graff’s data if the ransom wasn’t paid.
Though it tried to avoid paying, the high-end jeweler eventually offered $7.5 million, half the original ransom amount, and Conti accepted, according to Bloomberg, which broke the story. The jeweler paid in Bitcoin.
Graff is also suing its insurance company, The Travelers Companies Inc., in a London court for the losses, arguing that its policy should cover the ransom payment.
“The criminals threatened targeted publication of our customers’ private purchases. We were determined to take all possible steps to protect their interests and so negotiated a payment that successfully neutralized that threat,” a Graff spokesperson told National Jeweler.
“Regrettably, these commercial decisions are all too common these days. Insurers know this, which is why we are extremely frustrated and disappointed by Travelers’ attempt to avoid settlement of this insured risk. They have left us with no option but to bring these recovery proceedings at the High Court.”
The Travelers Companies did not respond to a request for comment by press time.
Shayne Caffrey, marketing manager and cybersecurity awareness training lead for LeeShanok Network Solutions, echoed what Graff Diamonds said it its statement—ransom payouts like this are fairly common today.
“Deciding whether to pay the ransom is a cost/benefit analysis. It can make a lot of sense to pay up when you can’t safely restore from a backup,” he said in an email to National Jeweler.
Once a business does decide to pay, it becomes a negotiation, going back and forth on price like in any deal until it becomes worth it for both sides.
“In this case, the initial $15 million demand may not have been worth it, but $7.5 million was,” Caffrey said. “Hackers would rather get something than nothing. This calculated approach means ransoms get paid more often than any of us would like.”
He also noted there’s rarely a guarantee that hackers will unencrypt the data even once the ransom is paid.
Caffey offered businesses two recommendations to reduce the chances of becoming a victim of cybercrime.
The first is to require every employee to undergo cybersecurity awareness training annually, with a particular focus on phishing prevention.
According to IBM, 95 percent of breaches result from human error, and the only way to fix that is through education, he noted.
But rather than using the common online training modules, Caffrey suggested bringing in a cybersecurity expert to deliver a live training, either in-person or virtually.
“In my experience, those trainings are much stickier.”
The second tip is to create a strong Backup and Disaster Recovery (BCDR) Strategy.
“Implementing these strategies can seem expensive on the surface, but they are often a fraction of the cost of paying a ransom, or even paying increased insurance premiums after a breach,” Caffrey said.
“Plus, it feels a lot better to restore your environment to a pre-ransomware instance than to reward the hackers by paying a ransom.”
More tips businesses can use to protect themselves from the Jewelers Security Alliance can be found in National Jeweler’s original story reporting on the Graff attack.
The Latest

Carlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.

The brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.

Proceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.


Citizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.

The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.

Amit Pratihari was previously the managing director of De Beers India and Forevermark India.

Members of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.

Gomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.

Diamond industry banking veteran Paul De Wachter will take on the role in January 2026.

Taylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”

Its “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.

Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.

“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.

The month’s birthstones, tourmaline and opal, complement the palette of autumn.

Smith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.

Associate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.

Respondents were concerned about job availability and rising prices.

Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.

Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.

Two men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.

The “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.

The brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.

She was remembered as a creative and generous woman of faith, who also had a sweet tooth.

Move over neck mess, the ear story is the way to make a layering statement today.