Bermuda needs to get on the electronic commerce highway -- fast -- or the Island will lose out to other more vigorous competitors in what is predicted to become a $1 trillion industry, technology consultant James Martin said yesterday.

"If Bermuda does the right thing the cyberspace industry could be much larger than the insurance industry is now,'' he predicted. "It will create opportunity. It will create wealth. It will create jobs. But the window of opportunity is very short.'' He said faster moving competitors like Singapore and Dublin already had moved to put the legislation and infrastructure in place. Bermuda offers many advantages for the electronic commerce industry but has been slow to get up to speed.