A security device for deterring theft of an object, the security device comprising: - a housing having an internal surface; - a loop of cable extending from the housing for placement around said object; - a spool rotatably mounted on the housing, the spool comprising a cable receiving portion and a hub portion spaced along an axis of rotation of the spool, the loop of cable being attached at first and second ends to the cable receiving portion, around which the cable is wound, such that, in use, rotation of the spool in a first direction with respect to the housing causes said cable to unwind from the spool permitting placement of the loop of cable around said object, and rotation of the spool in a second, opposite direction causes said cable to be wound around the spool thereby tightening the loop of cable around said object; - latching means movable between a first position in which the spool is able to rotate freely in both the first and second directions, and a second position in which the spool is able to rotate in the second direction but is prevented from rotating in the first direction; - alarm means, the alarm means being configured to be activated when the latching means is in the second position; and - retracting means arranged to apply a biasing force to the spool to urge the spool to rotate in said second direction when the latching means is in the first position, the retracting means being connected to the hub portion of the spool, characterised in that the latching means comprises a ratchet mechanism including a ratchet track that is located on the internal surface of the housing and a pawl member that is secured to and rotatable with the spool, the pawl member being arranged to engage with the ratchet track when the latching means is in the second position. - a housing having an internal surface; - a loop of cable extending from the housing for placement around said object; - a spool rotatably mounted on the housing, the spool comprising a cable receiving portion and a hub portion spaced along an axis of rotation of the spool, the loop of cable being attached at first and second ends to the cable receiving portion, around which the cable is wound, such that, in use, rotation of the spool in a first direction with respect to the housing causes said cable to unwind from the spool permitting placement of the loop of cable around said object, and rotation of the spool in a second, opposite direction causes said cable to be wound around the spool thereby tightening the loop of cable around said object; - latching means movable between a first position in which the spool is able to rotate freely in both the first and second directions, and a second position in which the spool is able to rotate in the second direction but is prevented from rotating in the first direction; - alarm means, the alarm means being configured to be activated when the latching means is in the second position; and - retracting means arranged to apply a biasing force to the spool to urge the spool to rotate in said second direction when the latching means is in the first position, the retracting means being connected to the hub portion of the spool, characterised in that the latching means comprises a ratchet mechanism including a ratchet track that is located on the internal surface of the housing and a pawl member that is secured to and rotatable with the spool, the pawl member being arranged to engage with the ratchet track when the latching means is in the second position.