First published by DataGuidance, January 2019.
Investors in offshore financial centres increasingly require and
demand data privacy. Obligations to collect personal data resulting
from new international data sharing regimes, combined with
cybersecurity concerns and innovative technology deployments are
making the regulation of personal data more complex than ever
before.
The EU's General Data Protection Regulation
(GDPR) came into effect in May 2018. GDPR provides
individuals with better control over their personal data and
establishes a single set of data protection rules across the EU,
making it simpler and cheaper for organisations to do business
across the bloc. So far, so sensible. The sting in the tail,
however, is that organisations outside the EU may also be subject
to GDPR. With fines of up to EUR 20 million or 4% of the
entity's global gross revenue, organisations in Cayman also
need to understand their obligations under the GDPR.
