The Expert Podcast

so what's the difference between cyber protection cyber insurance cyber attack cyber liability I'll start with cyber when all the differences they share comment below let us know what you think all right so cyber that's the big deal cyber liability is the potential for a loss for some event that has to do with technical stuff. hacking ransomware online fraud anything that's going to affect your computer or your system or your database is cyber liability. now most of the time this is for business not for consumers. businesses have losses but the consumer can lose too just not quite as big a deal. a cyber attack is when a hacker for lack of better word infiltrates your computer system and either erases files locks up files removes files copies files releases them into the dark web that's a cyber attack. some cyber attacks don't change anything they just flood your network with traffic so that it can't operate basically it harms your business. what is the reason for cyber attacks. many times just spite or damage people sometimes to just hurt a business sometimes if they want to get a ransom that's called ransomware. they want you to pay them to stop or pay them to restore your system. they might say give us twenty thousand in bitcoin will restore all your files that's a cyber attack ransomware. cyber security is the activity of a company to prevent cyberattacks it's what you do to give your self protection. maybe it's firewalls two factor authentication maybe it's anti virus software maybe its procedures in your company that people know to follow so you don't get hacked you don't give out passwords you don't let people log in that are supposed to. that's cyber security. cyber insurance or cyber liability insurance is an insurance policy that covers the business for a losses that they incur if a cyber attack happens. your cyber security isn't good enough in the cyber attack happens and they try to get ransomware from you you may have a cyber liability insurance policy that covers your losses helps fix your computers maybe pays a ransom. so they're all inter-related but they are different things. how important is all of this well most of the losses that are happening in businesses that are new in the last twelve eighteen months are all in the cyber realm. the hackers are upping their game they're ramping up. so make sure if you're a business that you at least have cyber security you want to have some cyber security the more the better. you also want to prevent a cyber attack and be aware of those would be monitoring and maybe consider having cyber insurance to cover if god forbid something does happen. just like you have fire insurance you still a fire extinguisher and a sprinkler system and you don't do things that are dangerous but you might have insurance on top of that. those are the four elements of cyber protection that might help you or your business prevent large losses.