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ARTICLE · 03 AUGUST 2020

Cybersecurity: CIMA Releases Updated Rule And Statement Of Guidance

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The Cayman Islands Monetary Authority (CIMA) has updated its Rule and Statement of Guidance – Cybersecurity for Regulated Entities following feedback received during a private sector consultation.

Cayman IslandsTechnology
Bradley Kruger
Bradley Kruger
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The Cayman Islands Monetary Authority (CIMA) has updated its Rule and Statement of Guidance – Cybersecurity for Regulated Entities following feedback received during a private sector consultation. The Rule (Rule), which sets out CIMA's requirements in relation to the management of cybersecurity risks, is a clear and precise directive that creates binding obligations and breach of which may lead to a fine or regulatory action being taken by CIMA. The Statement of Guidance (SOG) is intended to assist relevant entities in their compliance with the Rule and represents a measure against which CIMA will assess such compliance and implementation. The Rule and SOG will come into effect on 27 November 2020.

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