A security device for protecting a merchandise item against theft typically includes a pair of clamping members, a cable extending between the clamping members, and a tightening mechanism for tightening the cable to cause the clamping members to move toward one another and clamp onto the merchandise item. One of the clamping members typically serves as a housing containing the tightening mechanism, which may include a spool, a lock slide for releasably securing the spool and a locking mechanism for releasably securing the lock slide. The locking mechanism may be unlocked with a magnetic key. The security device is typically configured to set off an alarm upon tampering or attempted removal of the item and security device from a store.