GDPR And The Data Protection Law –Two Sides Of The Same Coin

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 latest addition to the data protection legislative canon is the EU's General Data Protection  Regulation ("GDPR") which will come into effect from 25 May 2018. The GDPR is designed to allow  individuals to better control their personal data and to establish one single set of data  protection rules across the EU, making it simpler and cheaper for organisations to do business  across the Union. So far, so sensible. The sting in the tail however, is that organisations outside  the EU may also be subject to the GDPR. With fines of up to €10 million or 4% of the entity's  global gross revenue, organisations in Cayman need to understand