Bermuda’s Insurance Act 1978 has been amended to mandate the reporting of material cyber events by insurers, insurance managers and insurance intermediaries. The Insurance Amendment Act 2020, which became operative on 5 August, comes into force at a time of growing numbers of successful cyberattacks internationally and increased vulnerability due to remote working during the COVID-19 pandemic.
Cyberattacks can result in both financial and reputational damage. This amendment gives the Bermuda Monetary Authority (BMA), which has regulatory oversight of the Bermuda insurance industry, visibility of cyber events that result in a material impact to businesses registered under the Insurance Act.
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New Cyber Event Reporting Requirements for Bermuda’s Insurance Industry