Bernews.com published a post on August 25, 2020, about creating a culture of data privacy in Bermuda’s corporate environment. Here’s a quick summary just for you.
Bermuda is a small island with some 64,000 people, but it is host to some of the world’s largest multinational corporations. There are approximately 16,000 registered firms, and Bermuda also participates in about 40% of the worldwide written insurance and reinsurance, with losses of over $300 billion paid out since 1997.
Key points:
- The Proceeds of Crime Act, the Anti-Terrorist Funding Act 2008 and the International Sanctions Act 2003 made local businesses aware of the importance of meeting international standards.
- Most recently, the enactment of the General Data Protection Regulation of the European Union and the Bermuda Personal Information Protection Act were all applied to the regulatory regime for privacy.
- The law on Anti-Money Laundering and Anti-Terrorist Financing impacted not only the corporate sector but also people who were clients of local financial institutions. Both business owners and private individuals were asked for personal documents to open or continue to use financial services such as banking, investments and health insurance.
- Unintended breaches, where confidential, private data is stolen or worse, leaked, may lead to more severe violations. This sort of privacy infringement of the company’s database may have a detrimental effect on the workers, clients and third parties of the company.
- Senior management and local business owners in Bermuda would need to ensure that data protection and security is accepted by their employees and colleagues. Organizations that prioritize training to build a culture in which each worker and individual pauses to take into account the effects of their behaviour on privacy will succeed in improving the attitude of both workers and society.
Reference: bernews.com
Contributed by: Sabrina Shim from Jamaica. Sabrina is a member of the WISC Discord group from the G5 Cyber Security Foundation Ltd. Learn more about WISC (Women in InfoSec Caribbean) at wiscaribbean.org. WISC is a non-profit initiative supporting Caribbean women and girls to develop a career in Information Security.