The compliance issues associated with the development, implementation, use, operational risk management and security of technology in Bermuda are complex and multifaceted.
The Bermuda Monetary Authority, the Bermuda Health Council, the Regulatory Authority, the Government of Bermuda ( including the Minister of national Security, the Cybersecurity Board and the National Cybersecurity Unit ), and the Privacy commissioner of Bermuda, under numerous statutes and regulatory frameworks, has imposed a regime of IT, data, personal information and cyber security that reaches much of Bermuda’s economy. All of those prescriptions, as they vary across sectors, address both internal operational risk management and the security and data process issues associated with outsourcing, the authorized use of data by third parties, shared services infrastructures, and the export of personal information from Bermuda.
Each governance regime, across sectors or concerning personal information, have their own cybersecurity incident, event or breach reporting protocols that must be complied with by those who are subject to such regulations.
Often those regulatory requirements and prescriptions for IT and data management governance and conduct overlap, and sometimes they contradict each other. In every case, they must be taken seriously.
As noted elsewhere on this website, Duncan’s acclaimed book on information technology and outsourcing management, compliance and risk management best practices illustrates the 30 years of experience and expertise that Duncan brings to bear on Bermuda’s Tech and Outsourcing transactions, compliance and corporate governance demands.