September 2014 44 Bermuda:Re/insurance+ILS


machine learning, and continuous monitoring by security experts, Masergy delivers peace of mind to enterprise IT organisations.


The service allows a business to cost-effectively allocate internal resources while outsourcing network security requirements based on demand or priority. The service can effectively improve security efficacy and operational efficiency by eliminating improperly configured or unmonitored security systems. It also can reduce the cost of acquiring and training security staff.


“Masergy offers the optimum approach to the continuous monitoring of network security and adaptive information sharing between security applications and appliances. Our SaaS offering delivers actionable information and context to threats and early warnings,” said John Dumbleton, senior vice president of business development at Masergy.


“It provides regulatory compliance for all market segments from small to large enterprises, alleviating the complex business risk associated with storing, processing and transmitting critical user data. This is especially important with multinational businesses that have offices in Bermuda as well as companies headquartered here. Masergy offers its SaaS to customers globally and is pleased to partner with Logic in Bermuda,” he added.


Best practice


The market for telecom providers, internet service providers, security, consulting and technology companies to address these complex issues is growing. One provider in the market is Oxygen.


Richard Dennington, IT operations manager at Oxygen stated, “The importance of best practice IT security continues to grow year-on-year and the risk to financial institutions continues to increase. A security breach could lead to regulatory action as well as financial loss and adverse impact on business reputation.


“Oxygen specialises in providing customised secure server and desktop


environments hosted in a fully resilient Bermuda data centre. Our clients benefit from dedicated or shared secure managed environments while being able to access their systems 24 hours a day from anywhere in the world.”


“For the reinsurance industry, it is important to consider data loss


prevention (DLP). We recommend and implement systems to categorise data and report on, and optionally restrict, sensitive data leaving the company via email and removable media,” added Graham Turner, technical solutions architect at Oxygen.


Rich James, chief technology officer at Ignition Bermuda added, “A high level of end-to-end system security has been the overriding requirement from the new wave of insurance-linked securities (ILS) start-ups in Bermuda.


“By providing the Ignition rapid technology platform [RTP]—a start-up rapid package aimed at new firms locating in Bermuda—


our technology professionals can help them get their technology environment functioning very quickly and can support them as they expand, while offering them the many benefits of working with an experienced offshore technology leader.


“But again, security is key and must be demonstrable and built into the solution and platforms from the ground up.”


Data security is not an issue that companies can ignore, or become complacent about in the management of potential threats. The sophistication of cyber criminals will continue to increase and more countries will enact legislated policies that must be adhered to in order to protect an individual’s right to privacy. Companies must act now to ensure they are not leaving the door open to a data security breach. 


Richard Munday is vice president of international business for KeyTech. He can be contacted at: rjmunday@keytech.bm


“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.”


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