1. Forms
  2. CY
  3. CY-00-02

What it does

CY 00 02 is the Commercial Cyber Insurance Policy (CCI) of ISO's Cyber program, the 11 21 edition that replaced the earlier CY 00 01 commercial cyber form. It is a self-contained policy with first-party insuring agreements – cyber incident or information security breach expenses, cyber extortion, data restoration, and business income and extra expense from an interruption caused by a cyber incident – and liability insuring agreements. The first four insuring agreements are the same as in the Information Security Protection policy, CY 00 03.

In ISO's 2020 cyber multistate program revision, Verisk introduced a new Commercial Cyber Insurance Policy form and a new Information Security Protection Cyber Policy form that replaced all prior base coverage forms of the ISO Cyber program, together with new manual rules, loss costs and rating plan. The new forms carry the 11 21 edition (CY 00 02 11 21 and CY 00 03 11 21).

Key provisions

  • First-party coverages are triggered by discovery during the policy period; liability coverages are claims-made for wrongful acts on or after the Retroactive Date.
  • A policy aggregate limit applies, with limits and retentions by insuring agreement; the business income retention is a waiting period.
  • Optional insuring agreements by endorsement: Computer and Funds Transfer Fraud (CY 20 13), Computer Fraud (CY 20 14) and Telephone Toll Fraud (CY 20 15).

Who needs it

Small and midsize businesses that take payments, hold customer or employee data, or cannot operate without their systems – retail, restaurants, medical and professional offices, contractors with online billing.

Quoting and selling notes

  • Ask about records count, payment card volume, backups, multi-factor authentication, endpoint protection and prior incidents.
  • Explain the discovery and reporting deadlines and the retroactive date on liability coverage.
  • For businesses already on a BOP, compare against the BOP Information Security Protection endorsement (BP 15 07).

Related forms

CY 00 03; CY 00 01 (replaced); CY 20 13; CY 20 14; CY 20 15.