Bermuda: Overview of Digital Asset Business Cyber Security Rules

As digital asset business becomes more pervasive in all sectors of economic activity, the cyber threat to businesses and customers alike will continue to proliferate. The Bermuda Monetary Authority (the “BMA”) recognises the need for effective cybersecurity programs in all financial service sectors that it regulates, including the digital asset business sector. Digital asset businesses operating in or from within Bermuda must implement and maintain effective cybersecurity rules as per the Digital Asset Business (Cybersecurity) Rules 2018. In response to the growing implications of cybersecurity failures to customers and the reputation of the jurisdiction, the BMA has established a specific team for the supervision of licenced digital asset business’s cybersecurity programs.

 

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BERMUDA
Natalie NetoPartnerT +1 441 242 1533natalie.neto@walkersglobal.com
Melanie FullertonSenior AssociateT +1 441 242 1537melanie.fullerton@walkersglobal.com
Michael WynneSenior Vice PresidentT +1 441 242 1542 michael.wynne@walkersglobal.com