The new Cayman Islands Data Protection Bill will regulate the future processing of all personal data in the Cayman Islands. Fund managers should take steps now to ensure that they understand their obligations, say Sailaja Alla and Peter Colegate of Appleby’s Cayman Islands office.
Investors in funds increasingly require and demand data privacy. As obligations to collect personal data increase with new international data sharing regimes, fund managers need to pay close attention to data protection issues. These international obligations, together with cybersecurity concerns and innovative technology deployments are making the regulation of personal data more complex than ever before. Fund managers need to get it right-reputations and criminal liability may soon be at stake.
The new Cayman Islands Data Protection Bill, likely to pass in the near future, will regulate the future processing of all personal data in the Cayman Islands. Fund managers should take steps now to ensure that they understand their obligations under the Bill, that they have in place policies and procedures to ensure the proper protection of personal data under their control and that they develop a culture of compliance in relation to the collection and management of personal data that is understood throughout their business.