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Bermuda’s Cyber Risk Code compliance deadline is fast approaching, lawyers at international law firm Conyers have warned.
The Bermuda Monetary Authority (BMA) Revised Operational Cyber Risk Management Code of Conduct was published in September. Applying to corporate service providers, trust companies, money services businesses, investment businesses and fund administration providers, banks and deposit companies, the compliance deadline is 15 February 2023/
It requires the board of directors and senior management team to have oversight of cyber risks and for the board to approve, at least annually, a cyber risk policy. Businesses must also appoint a chief information security officer to oversee and implement their cyber risk programme and enforce cyber risk policies.
Bermuda Monetary Authority, Cyber Risk Code, Insurance, Reinsurance, Bermuda