The Bermuda Monetary Authority (BMA) issued on 6 October 2020
the Insurance Sector Operational Cyber Risk Management Code of
Conduct (Code) in its final form, together with the BMA's
responses to the comments provided by the industry on a draft of
the Code submitted for consultation in late 2019. The Code will
come into force on 1 January 2021 to apply to all Bermuda
registered Insurers, Insurance Managers, and Intermediaries (i.e.
Agents, Brokers, Insurance Market Place Providers) (collectively
referred herein as Regulated Entities). Regulated Entities have
until 31 December 2021 to be in compliance with the Code.
The Code establishes duties, requirements, standards, procedures
and principles to comply with in relation to operational cyber risk
management. It complements the systems and operations risk
component set forth in the Insurance Code of Conduct and the codes
of conduct issued by the BMA applicable to Insurance Managers and
Intermediaries (i.e. Insurance
