A security device for deterring theft of an object from a retail store has a base member, a cable for placement about the object, and a spool rotatably mounted on the base member. The cable is connected to the spool such that the cable can be wound around the spool, enabling the cable to be tightened around the object by rotating the spool with respect to the base member in a tightening direction. There is a ratchet and pawl mechanism configurable between an active configuration wherein the spool is constrained for rotation only in the cable tightening direction, and an inactive configuration whereby the spool is free to rotate in both the cable tightening direction and an opposite, cable loosening direction.