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Alternative Market Briefing

Bermuda gains competitive advantage through early adoption of new privacy standards and regulations

Tuesday, January 02, 2018

Komfie Manalo, Opalesque Asia:

Regulations will continue to have a big impact on the operations of organizations in any financial centers. For substantive jurisdictions like Bermuda, Christopher Eaton, lead of Cyber Security for the KPMG Island's Group, "regulatory change represents an opportunity to show what a great job we can do to meet the challenges of those changing requirements."

Extraterritorial reach of regulations

"We are now seeing regulation with extra-territorial reach effecting operations in Bermuda," Eaton stated at the latest Opalesque 2017 Bermuda Roundtable. He cited as an example the 23 NYCRR500 introduced by the New York State Department of Financial Services (DFS) in late 2016, which sets out specific cybersecurity requirements for licensed entities.

Because the new rules includes most banks, financial services entities and insurance entities licensed by the state, subject to certain exemptions, a number of Bermuda companies are in scope and have had to respond accordingly.

Eaton said the response to the new requirement illustrates where Bermuda can potentially accrue competitive advantage because it demonstrates the substance and capability within the jurisdiction. "It's the substance of Bermuda that makes the difference in many respects. Collectively, we do an increasingly better job ......................

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