{"id":7604,"date":"2022-11-07T15:39:53","date_gmt":"2022-11-07T15:39:53","guid":{"rendered":"https:\/\/onestopnetworks.bm\/?page_id=7604"},"modified":"2022-11-21T18:12:07","modified_gmt":"2022-11-21T18:12:07","slug":"operational-cyber-risk-management","status":"publish","type":"page","link":"https:\/\/onestopnetworks.bm\/?page_id=7604","title":{"rendered":"Operational Cyber Risk Management"},"content":{"rendered":"<h2><span style=\"color: #a42c40;\"><b>BMA Operational Cyber Risk Management Code of Conduct 2022<\/b><\/span><\/h2>\n<p><em><strong><span style=\"color: #000000;\">The Bermuda Monetary Authority (\u2018BMA\u2019) published its Operational Cyber Risk Management Code of Conduct (\u2018Code\u2019) for CSPs, Trust Companies, Money Service Businesses, Investment Businesses, and Fund Administration Providers (Relevant Licensed Entities or \u2018RLE\u2019) on 15 March 2022 and RLE are required to comply by 15 February 2023.<\/span><\/strong><\/em><\/p>\n<p>The goals of the Code are to ensure that RLE establishes a robust cybersecurity program and comply with related requirements. The Code prescribes specific requirements to ensure appropriate cybersecurity programs are in place. RLE should implement the Code in proportion to their cyber risk profile (nature, scale, and complexity of their business), following an appropriate assessment of their cyber risks. Each entity is required to assess its particular risk profile and design a program that robustly addresses such risks.<\/p>\n<h4>The Code emphasizes the importance for RLE to ensure that robust cybersecurity measures are in place:<\/h4>\n<ul>\n<li>Cyber risk governance;<\/li>\n<li>Identification of assets and risks;<\/li>\n<li>Detect and protect controls; and<\/li>\n<li>Response and recovery controls.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7612\" title=\"operational-cyber-risk-management\" src=\"https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA.png\" alt=\"cybersecurity measures\" width=\"750\" height=\"125\" srcset=\"https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA.png 2461w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-300x50.png 300w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-1024x171.png 1024w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-768x128.png 768w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-1536x257.png 1536w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-2048x342.png 2048w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/p>\n<h4><b>What You Need To Know<\/b><\/h4>\n<p>RLE are required to identify and manage cyber risks to organizational systems, assets, data, and capabilities. They also need to ensure senior management and Board involvement and sponsorship of a business-aligned cybersecurity program. A cybersecurity program that is designed with security, vigilance, and resilience in mind, guided by a clear strategy, and supported by strong governance measures will be well placed to meet the regulatory requirements.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7610\" title=\"operational-cyber-risk-management\" src=\"https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-2.jpg\" alt=\"business-aligned cybersecurity program\" width=\"750\" height=\"241\" srcset=\"https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-2.jpg 994w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-2-300x97.jpg 300w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-2-768x247.jpg 768w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/p>\n<h4>Below are the key responsibilities and minimum standard requirements:<\/h4>\n<ul>\n<li>Board of Directors &amp; management must have oversight of risks.<\/li>\n<li>Create an asset inventory listing.<\/li>\n<li>Appoint a CISO (Chief Information Security Officer) or outsource the role.<\/li>\n<li>Consider a cyber insurance policy and review coverage at least annually.<\/li>\n<li>Identify and understand the cyber risk posture.<\/li>\n<li>Measure the potential impact and consequences of risk.<\/li>\n<li>Monitor &amp; report \u2013 maintain a risk register.<\/li>\n<li>Compliance and audit: The control environment should be continuously monitored and evaluated.<\/li>\n<li>IT Service Management, IT Incident Management &amp; Security Incident Management.<\/li>\n<li>Business Continuity Planning (BCP) &amp; Disaster Recovery (DR).<\/li>\n<\/ul>\n<h3><span style=\"color: #a42c40;\"><b>What\u2019s Next? <\/b><\/span><\/h3>\n<h4><b>Assessing Your Compliance <\/b><\/h4>\n<p>The Code is not a \u201cone size fits all\u201d approach for all RLE. The BMA developed the Code as a flexible reference point and encourages RLE to align their cyber risk profile to the nature, scale, and complexity of the business.<\/p>\n<p>We recommend that RLE undertake evaluative processes to assess their individual cyber security risks and compliance with BMA requirements, considering other new regulatory requirements.<\/p>\n<h4><b>How Can We Help?<\/b><\/h4>\n<p>Our team of cyber security experts will work with your company to:<\/p>\n<ul>\n<li>Identify and assess cyber security risks and current compliance with the Code.<\/li>\n<li>Develop a cyber security document tailored to your organization, in line with BMA requirements.<\/li>\n<li>Develop document response and recovery processes.<\/li>\n<li>Oversee design, implementation and monitoring (audit) of controls.<\/li>\n<li>Provide ongoing support to maintain and grow a cyber security program.<\/li>\n<\/ul>\n<h4><b>OneStopNetworks in collaboration with <\/b><b>Nangia Andersen<\/b> <b>LLP<\/b><\/h4>\n<ul>\n<li>Service delivery will be managed and executed in Bermuda by OneStopNetworks. Rene Ambrusch of OneStopNetworks will be your main point of contact in Bermuda.<\/li>\n<li>Nangia Andersen LLP\u2019s cyber security expert team will provide technical support remotely.<\/li>\n<li>Nangia Andersen\u2019s Cyber Security team comprises professionals having unique skills in technology and business from a diverse range of backgrounds, industry &amp; sector experience.<\/li>\n<li>Nangia Andersen\u2019s Cyber Security practice has executed and delivered numerous engagements in multiple geographies across the globe, viz. Africa, the Middle East, Asia Pacific, etc.<\/li>\n<li>We collaborate with OneStopNetworks on various client projects in Bermuda.<\/li>\n<\/ul>\n<h4>About OneStopNetworks<\/h4>\n<p>OneStopNetworks is a Bermuda based Information Technology Company. We have expanded our services to offer Support, Cloud Backup, Virtual PBX, Remote and onsite Support as well as as a list of customized Solution for small and medium sized Business. To say it short, we are a One Stop Solution for all of your companies IT needs.<\/p>\n<h4><b>About Andersen<\/b> <b>Global<\/b><\/h4>\n<p>Nangia Andersen is a full member firm of Andersen Global. Andersen Global is an international association\u00a0 of legally separate, independent member firms with more than 1000+ global partners.<\/p>\n<p><b>Nangia Andersen<\/b> <b>LLP<br \/>\n<\/b><span style=\"font-size: 10pt;\"><em>a member firm of<\/em><\/span><b><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7609\" src=\"https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/AndersenGlobal.png\" alt=\"AndersenGlobal\" width=\"258\" height=\"60\" srcset=\"https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/AndersenGlobal.png 797w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/AndersenGlobal-300x70.png 300w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/AndersenGlobal-768x178.png 768w\" sizes=\"auto, (max-width: 258px) 100vw, 258px\" \/><br \/>\n<\/b><\/p>\n<p>As part of Andersen Global we have reached more than 220 offices globally, having presence in more than\u00a0 120 countries.<\/p>\n<h4>Our core values are:<\/h4>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-7611\" title=\"operational-cyber-risk-management\" src=\"https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-3.jpg\" alt=\"Core Values\" width=\"750\" height=\"425\" srcset=\"https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-3.jpg 1225w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-3-300x170.jpg 300w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-3-1024x580.jpg 1024w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Cyber-BMA-3-768x435.jpg 768w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/p>\n<h3><span style=\"color: #a42c40;\">NEXT STEP<\/span><\/h3>\n<p>To find out more about what the new Cyber Risk\u00a0 Management Code of Conduct means for your business, and for help assessing and managing your cybersecurity program(s), contact <a href=\"https:\/\/onestopnetworks.bm\/contact-onestopnetworks\/\">OneStopNetworks<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1748 alignleft\" src=\"https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2019\/01\/pdf-155498_640-150x150.png\" alt=\"PDF file\" width=\"83\" height=\"83\" srcset=\"https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2019\/01\/pdf-155498_640-150x150.png 150w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2019\/01\/pdf-155498_640-150x150-53x53.png 53w, https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2019\/01\/pdf-155498_640-150x150-100x100.png 100w\" sizes=\"auto, (max-width: 83px) 100vw, 83px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/onestopnetworks.bm\/wp-content\/uploads\/2022\/11\/Operational-Cyber-Risk-Management-Bermuda-1.pdf\" target=\"_blank\" rel=\"noopener\">Download the Operational Cyber Risk Management Brochure<\/a><\/span><\/p>\n<p>&nbsp;<\/p>\n<h3>Additional information<\/h3>\n<p>BERMUDA MONETARY AUTHORITY<br \/>\nOPERATIONAL CYBER RISK MANAGEMENT CODE OF CONDUCT<\/p>\n<p>CORPORATE SERVICE PROVIDERS, TRUST COMPANIES,<br \/>\nMONEYSERVICE BUSINESSES, INVESTMENT BUSINESSES AND<br \/>\nFUND ADMINISTRATION PROVIDERS, BANKS AND DEPOSIT<br \/>\nCOMPANIES<\/p>\n<p>September 2022 (Revised) &#8211; <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.bma.bm\/viewPDF\/documents\/2022-09-26-17-20-41-Operational-Cyber-Risk-Management-Code-of-Conduct.pdf\" target=\"_blank\" rel=\"noopener\">View Document<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BMA Operational Cyber Risk Management Code of Conduct 2022 The Bermuda Monetary Authority (\u2018BMA\u2019) published its Operational Cyber Risk Management Code of Conduct (\u2018Code\u2019) for CSPs, Trust Companies, Money Service Businesses, Investment Businesses, and Fund Administration Providers (Relevant Licensed Entities or \u2018RLE\u2019) on 15 March 2022 and RLE are required to comply by 15 February [&hellip;]<\/p>\n<p class=\"more-link style2\"><a href=\"https:\/\/onestopnetworks.bm\/?page_id=7604\"  class=\"themebutton\"><span class=\"more-text\">READ MORE<\/span><span class=\"more-icon\"><i class=\"fa fa-angle-right fa-lg\"><\/i><\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_joinchat":[],"footnotes":""},"categories":[62],"tags":[198,199,200,209,201,208,207,205,204,203,196,206,197,202],"class_list":["post-7604","page","type-page","status-publish","hentry","category-services","tag-bermuda-monetary-authority","tag-bma","tag-code-of-conduct","tag-compliance","tag-csps","tag-cyber-risks","tag-cybersecurity","tag-fund-administration-providers","tag-investment-businesses","tag-money-service-businesses","tag-operational-cyber-risk-management","tag-relevant-licensed-entities","tag-rle","tag-trust-companies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Operational Cyber Risk Management - OneStopNetworks Bermuda<\/title>\n<meta name=\"description\" content=\"The Bermuda Monetary Authority 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