BRIAN A JACKSON / SHUTTERSTOCK.COM


September 2014 Bermuda:Re/insurance+ILS 43


privacy legislation in order to protect sensitive personal data. The legislation will cover all organisations and will create obligations on those institutions as it pertains to the use and protection of personal information. As it is likely the framework will be completed in 2015, companies should begin to develop the appropriate security and privacy policies to ensure compliance when the legislation is in place.


“Security is key and must be demonstrable and built into the solution and platforms from the ground up.”


Cloud computing and the increasing number of mobile devices being used by company employees and business partners are the top areas of concern for security professionals. Some 78 percent of respondents to a Frost & Sullivan Global Information Security Workforce Study rated mobile devices as the top security concern.


The advent of the ‘bring your own device’ phenomenon has caused IT departments to lose significant control over data storage, processing and movement practices. Additionally, employees and partners are increasingly using cloud services with or without corporate approval for storage and collaboration. These practices inhibit an IT organisation’s ability to secure sensitive data and prevent unwanted data and code from entering the corporate computing environment.


Many companies are turning to third party experts to help them manage network security. The implementation of a managed network security service can eliminate or minimise the need for point products that handle only individual aspects of network security such as perimeter management.


A modern managed security service should provide an integrated approach and continuous monitoring of all of the elements in an enterprise network. And a service provider that specialises in network security will have subject matter experts knowledgeable in the most advanced approaches to the growing variety of threats and the optimum approaches to resolve these issues.


ways. They can harm a firm’s brand and reputation, cause the loss of customers, result in legal liabilities and impede the flow of business.


The chances that a company will suffer a security breach over the next two years is 30 percent, according to the 2014 Cost of Data Breach Study: Global Analysis conducted by the Ponemon Institute and IBM. The financial, insurance and reinsurance industries are among the top five industries when it comes to the costliest data breaches, according to the report. This is due to the frequency of attacks, financial losses due to data theft and regulatory requirements aimed at protecting customer data and privacy.


Legal framework


The Bermuda government’s Department of E-Commerce and Ministry of Education and Economic Development are developing comprehensive


Logic Communications—a leading connectivity provider in Bermuda—recognises the need to provide companies with the expertise they require to ensure the security of their company’s data.


As Vicki Coelho, CEO of Logic Communications explained, “IT organisations and network security teams are being challenged to adapt to constantly changing variables, including evolving threats, emerging technologies and the global legal landscape. Even the best-resourced organisations have trouble hiring the technical experts needed to manage this growing threat environment.


“To address these issues, I am happy to announce that we have


partnered with Masergy on a security as a service (SaaS) risk management offering for Bermuda.”


Masergy owns and operates the largest independent global cloud


networking platform for enterprises. Masergy SaaS solves ongoing security challenges by offering comprehensive risk management services built on the company’s patented unified enterprise security (UES) platform. By combining patented advanced technologies,


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