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ARTICLE · 06 APRIL 2023

The Bermuda Monetary Authority's ‘Insurance Sector Operational Cyber Risk Report' For 2022

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Historically, the predominant IT risk for a financial service enterprise was the possibility that a critical IT component or system would suffer an operational mishap or otherwise simply fail...

BermudaFinance and Banking
Brad Adderley
Brad Adderley
Duncan Card
Duncan Card
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Over the last few years, financial service regulators around the world have recognized the critical dependence that banks, insurance companies, and investment businesses (among others) now place on their IT infrastructure. No longer it is the case that those IT systems and solutions, and the vital data that they process, are regarded as mere business tools. There is now pervasive acceptance across corporate boards, executive management, investors and international regulators that financial institutions are strategically dependent on the quality and security of their IT infrastructure. The Bermuda Monetary Authority (BMA) is clearly in that advanced camp of international regulators.

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