423940

Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers

Cyber Liability Insurance for NAICS 423940

CYB

Ranked reasons a business in NAICS 423940, Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers, needs Cyber Liability coverage. Each reason is specific to how this industry actually loses money, and ends with the question to ask before the objection comes up.

  1. 01

    Inventory is extremely valuable and fits in a pocket.

    • Value is concentrated in a very small physical volume.
    • Records are the only means of detecting diversion.
    • A missing item is not visible on the shelf.
    ASK
    How frequently is inventory reconciled against records?
  2. 02

    Payments settle by wire in very large amounts.

    • Purchases and sales settle by transfer against instructions.
    • A faked banking change diverts an entire settlement.
    • Goods move before the fraud is discovered.
    ASK
    How are changes to counterparty banking details verified before payment?
  3. 03

    Origin documentation is required and demanded.

    • Conflict minerals and stone origin certification requirements apply.
    • Customers and regulators increasingly demand that documentation.
    • Without it goods cannot be sold to major customers.
    ASK
    How is origin and due diligence documentation retained for your purchases?

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