Guarding Against The Digital Storm: Cybersecurity In Bermuda Insurance

The 2024 Bermuda Cyber Risk Management Report, published by the Bermuda Monetary Authority (BMA), evaluates the state of operational cyber risk management across the insurance sector. The report focuses on commercial insurers, insurance managers as well as agents and brokers. It highlights steady improvements, with 98% of such entities having board-approved cyber risk policies and 97% regularly communicating programme updates to senior management and boards. These practices align with the requirements outlined in the BMA's Operational Cyber Risk Management Code of Conduct (Code), which emphasizes proportionality, robust governance, and tailored controls based on the entity's scale and complexity. However, several critical areas require attention.