Protecting Personal Data - Is The Financial Industry Prepared?

The new Cayman Islands Data Protection Law ("DPL") is due to come into effect in January 2019 and will regulate the future processing of all personal data in the Cayman Islands. Drafted around a set of internationally recognised privacy principles, the new law provides a framework of rights and duties designed to give individuals greater control over their personal data, and will stand as the most comprehensive data protection law in the region.

Financial institutions should take steps now to ensure they understand their obligations under the new law, have in place policies and procedures to ensure the proper protection of all personal data under their control and create an effective governance regime for approving, overseeing, implementing and reviewing those policies. Organisations in Cayman need to get it right - reputations and criminal liability will soon be at stake.