First published by Appleby
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 their obligations under the GDPR - reputations and criminal liability will soon be at stake.
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