Cyber insurance and risk

Aggregation and systemic risk in cyber insurance mean commercial carriers need to build up more capital for large widespread losses, suggests the CEO of a Bermuda insurer. In commercial primary insurance, net premiums written rose 18%, from $603 million in Q2 2020 to $713 million in the most recent quarter. This essentially means the…

ByG5 Cyber SecurityAugust 20, 20210Comments

Data Privacy

Defending against scammers

Cybercriminals are rife and will dig into every online source they can to access your information. They can mimic any person, service, website, phone caller, regional accent, technical support anywhere, any time. They target the elderly and other deemed technically illiterate communities. The elderly are the biggest targets. Anyone who has not kept up with…

ByG5 Cyber SecurityJuly 15, 20210Comments

Data Privacy

Privacy readiness survey conducted in Bermuda

KPMG in Bermuda, in collaboration with the Privacy Commissioner, conducted a Privacy readiness survey to access the markets’ awareness and readiness for the privacy regulation. A spokesperson said, “KPMG in Bermuda [KPMG], in collaboration with the Privacy Commissioner, conducted a Privacy readiness survey to access the markets’ awareness and readiness for the privacy regulation. …

ByG5 Cyber SecurityJuly 9, 20210Comments

Cyber Security

Bermuda’s insurance industry and new cyber regulation

The Operational Cyber Risk Management Code of Conduct applies to all Bermuda registered insurers, insurance managers, and insurance intermediaries in the jurisdiction. The Code became effective on 1 January 2021 and full compliance is required by 31 December 2021. It comes at a time when high profile cyber incidents are becoming more prevalent, heightening risks…

ByG5 Cyber SecurityJune 27, 20210Comments

Cyber Security

Bermuda and the Caribbean urged about cyber crime

Digicel urges Caribbean businesses to protect against cyber crime before it is too late. Caribbean businesses have a tendency to treat cybersecurity in the same way as insurance. This year, In the first quarter alone, there were 29 million cyberattacks in the Caribbean region. Cybercrime is rampant throughout the world, says cybercrime expert Douglas Thomas.…

ByG5 Cyber SecurityJune 26, 20210Comments

Data Privacy

Hesitancy in buying insurance for Bermudans

Insurance is designed to protect us from major calamities. Insurance companies have moratoriums on increasing limits on an existing policy or issuing new property policies, if an impending hurricane is a couple of weeks (or less) away. The insurance component provides a buffer against disaster. It is more about the feeling that there is little…

ByG5 Cyber SecurityJune 2, 20210Comments

Data Privacy

A guide to Bermuda’s Data Protection Law

One News Page posted an article in January 2021, about a guide to Bermuda's Data Protection Law. Below are some key highlights: Bermuda: Bermuda Law Guide: Data Protection In The Time Of COVID-19 - BeesMont Law Limited Published BeesMont's COVID-19 edition of its annual Data Protection Guide provides a detailed overview of the activities of Bermuda's first…

ByG5 Cyber SecurityMay 27, 20210Comments

Cyber Security

Company’s in Bermuda must be on alert for cyber attacks

Bermuda-based IT services firm says businesses locally have not invested as much in security as is needed to keep up with the arising threats. Number of high-profile cybersecurity breaches is increasing, with a 62 per cent jump since 2019. The rise in remote working has introduced new vulnerabilities, the company says. The company has issued…

ByG5 Cyber SecurityMay 23, 20210Comments

Cyber Security

New cyber security business in Bermuda

Caroline Rance is passionate about cybersecurity, whether it be business continuity planning, reviewing security policies or making sure vulnerable people surf the web safely. After 25 years in information technology Ms Rance opened Rance Consulting – All Things Cyber, in March. F5 Labs’ 2020 Phishing and Fraud Report revealed that after the pandemic began, cyber…

ByG5 Cyber SecurityMay 23, 20210Comments

Data Privacy

Bermuda raises awareness on Data Privacy rights

The Royal Gazette posted an article on January 25, 2021, titled Understand your privacy rights. . Below are some key highlights. To raise awareness of personal privacy rights in Bermuda, the TLC Group of Companies kicked off Data Privacy Week. "The TLC Group of Companies encourages everyone to understand their rights when it comes…

ByG5 Cyber SecurityMarch 19, 20210Comments