Board directors in Bermuda are being urged to attend a conference looking at risks posed by cyberattacks.

The second annual Bermuda edition of the International Cyber Risk Management Conference will be held on December 4 to 6 at the Hamilton Princess and Beach Club.

Rochelle Simons is chairwoman of the Bermuda branch of the Institute of Directors, which is a conference sponsor. She said it was vital that boards fully understand cyber-risks.

“The costs of a cyberattack can be enormous,” Mrs Simons said. “They can damage a brand, they can threaten operations and for smaller firms, they can be terminal.

“Businesses can no longer afford to ignore the risks. Most are taking action to mitigate the effects of cyberattacks and directors must understand this issue and ensure their companies implement plans to avoid damage.”

Conference panel discussions will include “the emerging threat landscape, a conversation”; “fintech/insurtech”; “speaking the same language: bridging the gaps between boards, CISOs, CROs and CLOs”; “open banking, AML etc”; “cyber-risk considerations”; and “case studies that will keep you awake at night”.

Mrs Simons said: “We decided to be a supporting sponsor because we understand the need to continue to raise awareness of the issue among directors. Fifty-six per cent of members responding to a recent branch survey rated cybersecurity and data privacy as risk management issues as top of mind for boards.

“The ICRMC Bermuda is an excellent conference and an ideal platform for directors to enhance their knowledge.”

A discounted registration rate for the conference will be available to IoD Bermuda members.

• For information, visit the conference website at https://bermuda.icrmc.com/