Cyber liability insurance

Cyber Liability Insurance offers a comprehensive insurance solution for companies that collect, store or process personal data, providing coverage against cyber attacks and physical data theft. The insurance provides coverage for both the insured and affected third parties. Legal defence costs are also covered.

The insurance may cover one or more of the following risks:

Basic cover:
✓ А. Data liability
A.1. Personal Data Loss - Provides coverage to the insured for any claim for loss of information that is considered "personal" under local law. In the broadest sense, this is any information for which the insured is responsible that, if stolen, could reveal a person's identity or information that is difficult for the public to access (e.g., bank details). Defence costs are also covered.
A.2 Loss of Corporate Information - Provides coverage to the insured for any claim for loss of "corporate information". This refers to the public disclosure of corporate secrets to third parties [e.g. budgets, client lists, share prospectuses etc] or business information [e.g. information provided to a solicitor, accountant or other professional adviser].
A.3 Outsourcing Liability (Third Party Processing) - Provides coverage to the insured for any claim for loss of information by a subcontractor that stores or collects personal data about the insured.

A.4 Network Security - Provides coverage for any loss arising from:
(1) the introduction of unauthorized software, computer code or virus concerning Third Party Data into the Insured's Computer System that is specifically programmed to disable the function of, or damage or destroy, software or data stored on the Insured's Computer System;
(2) the denial of access by an Authorized Third Party to its data;
(3) the misappropriation of a network access code by the Insured; (4) the destruction, alteration, tampering, corruption or deletion of a Third Party's Personal Data stored on a Computer System;
(5) physical theft of the Insured's Assets by a Third Party or physical Loss thereof; or
(6) disclosure of Third Party Personal Data by an employee of the Insured.

✓ B. Administrative Duties
B.1. Administrative Data Investigation - Provides coverage for the costs and expenses of legal advice and representation in connection with an investigation initiated by a Regulatory Authority in connection with which the Insured may be fined and/or fined for a Personal Data Breach.
B.2 Administrative fines in relation to data - reimbursement of administrative fines paid by the Insured up to the relevant sub-limit specified in the policy.

✓ C. Costs relating to loss of reputation and retaliation
C.1 Proactive Expert Services - The cost of expert cyber risk specialists to prove whether the framed data breach has occurred/is occurring and to establish the cause of the breach and to make recommendations on how it can be prevented or the consequences minimised.
C.2 Reputational Restoration - The cost of advice and recommendations on public relations and media engagement strategy to minimise the consequences of damage to the Insured's reputation as a result of a cyber event occurring.
C.3 Restoration of Individual's Reputation - In the same manner as C.2, except that this cover is designed to protect the personal and professional reputation of directors, heads of corporate regulatory and control departments, data protection officers (equivalent position) or the insured's general counsel.
C.4 Notification of Data Subjects - This cover provides for any costs associated with notifying data subjects that their data has been stolen (including both personal information and corporate information).
C. 5 Electronic Data - Covers the cost of:
(1) determining whether the lost/tampered data can be recovered, re-collected or re-created
(2) recovering, re-creating or re-collecting data if possible.

Optional Extended Coverages: 
✓ D. Liability for multimedia
Any loss arising from claims of intellectual property rights/ copyright infringement/ defamation/ libel/ slander/ theft of third party ideas.
Within the scope of this coverage, any content on digital media, advertising, or any written, printed or video, electronic, digital content that is distributed or used for publication is covered.

✓ E. Cyber extortion for personal data
Any damage related to an international attack on a computer system for the purpose of soliciting money. An example of this would be if hackers attack information that the insured considers valuable and is actually being extorted for it. Or even in more extreme cases, where hackers demand money or threaten to launch a denial of service attack.
Amounts paid by the Insured, with the prior written consent of the Insurer, for the purpose of preventing or ending a Threat of Extortion or fees for professional services of independent consultants to conduct an investigation to determine the cause of the Threat of Extortion are covered.

✓ F. Computer network outage (hours of outage minimum: 8 hrs - standard 12 hrs.
Coverage is provided for loss of net income to the Insured due to disruption of its computer system as a result of a cyber attack. Maximum covered period - 120 days.

The insurance cover is valid for 365 days from the commencement date of the Insurance Policy and for the territory of the Republic of Bulgaria. Against payment of an additional premium, coverage for the Whole World can be provided.