BMA’s cyber-risk management code of conduct now operational
The Bermuda Monetary Authority’s operational cyber-risk management code of conduct has come into force for banks and deposit companies on the island.
The coming into force follows recent amendments to the Banks and Deposit Companies Act 1999, the BMA said.
The code also applies to a wide range of other entities in Bermuda.
It came into force on March 15 for corporate service providers, trust companies, money service businesses, investment businesses and fund administration providers.
All entities to which the code applies are required to become compliant by February 15, 2023.