Cybersecurity Requirements For Licensees

Entities regulated under the Insurance Law will need to implement cybersecurity measures in proportion to their cyber risk profile by 27 November 2020 following the release of the Rule and Statement of Guidance on Cybersecurity for Regulated Entities (the "Guidance") by the Cayman Islands Monetary Authority (the "Authority") on 27 May 2020.

The Authority has acknowledged the benefits that technology offers but notes that a significant compromise in the use of technology could impact the ability of regulated entities to meet overall business objectives or result in significant liability and reputational damage. Accordingly, the Authority is of a view that it is important for regulated entities to ensure that robust cybersecurity measures are in place and that such licensees can appropriately identify, protect, detect, respond to and recover from such cybersecurity-related threats, incidents and breaches which is why the new Rule and Statement of Guidance has