A security system includes a security device and a spacer. The security device defines a first opening having a first diameter. The spacer is removably positionable in the first opening to create a center opening having a second diameter smaller than the first diameter. The security device includes a magnetically actuable locking mechanism and a housing having the magnetically actuable locking mechanism disposed therein. The locking mechanism includes a magnetically actuable latch, a belt configured to provide a latch mating element for the latch, and a flexible element to bias the magnetically actuable latch and the belt into a locked position. The housing includes a passageway which defines a belt pathway configured to slidingly receive the belt therein.