BFSB’s CEO Tanya McCartney presented Opening Remarks at today’s Cyber Defence and Business Continuity Symposium hosted by BTC.
Personal privacy and advanced infrastructure (both physical and technological) were described as key to BFSB’s promotion of The Bahamas as an ideal place to live and work and its promotion of the jurisdiction as a responsible international financial centre.
CEO McCartney presented an overview of data protection laws providing for data security, noting that good business practices and the need to comply with the laws require that cyber security measures are put in place. "This is especially important for the financial services sector where persons expect, and the law requires, data confidentiality." Experts all note that good corporate governance requires that issues such as cyber security and business continuity are to be priorities for any business – and especially regulated entities. On the matter of business continuity, she referenced steps taken by regulators to ensure proper planning is included in governance measures by licencees. "Every financial institution should have a Business Continuity Management (“BCM”) strategy and a well documented Business Continuity Plan (“BCP)"
In conclusion, Ms. McCartney spoke to the reputation of The Bahamas as a responsible international financial centre. "This is evidenced by the robust regulatory oversight that we have, the expertise of our people and the fact that The Bahamas has developed its land, premises and fit-for-purpose infrastructure with the singular focus of facilitating international business. Modern office facilities are connected globally through separate, fully redundant, self-healing, fibre optic cable networks, with data protection at international standards."
She extended congratulations to BTC for the initiative in organising the Symposium that will allow stakeholders within the financial services sector to obtain insights into what the key risks are relative to data protection and business continuity. "Importantly", she said, "this session will provide access to important information as to the tools and solutions that are available to financial institutions in meeting their obligations to regulators and clients."
Opening Remarks - BTC Symposium