Bermuda Cyber-Risk Firm Founded Amid Banking Disruption Warnings
What happened
Michael Perkins founded Northrock Cyber-Risk & Compliance, a firm based in Bermuda. Perkins advised that preparing for cyberattacks or technical failures should be treated similarly to preparing for natural disasters. He noted that the key risk for households is being unable to use their money if shared payment networks or telecommunications infrastructure are disrupted.
From royalgazette.com
Why it matters
The advice follows warnings from Nikhil Rathi, chief executive of the Financial Conduct Authority, and Sarah Breeden, deputy Governor of the Bank of England, regarding the inevitability of incidents that could disrupt major bank services. Perkins suggested that having a small working account at a second bank is a sensible precaution.
From royalgazette.com
Who's involved
- Michael PerkinsFounder of the new Bermuda-based cyber-risk firm
- BermudaLocation where the cyber-risk firm was established
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Michael PerkinsSpeculative
Households might face difficulty purchasing fuel or groceries if shared payment networks or telecommunications infrastructure fail.
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The entities involved
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Bermuda
British overseas territory in the North Atlantic Ocean