The Paradise Papers Data Breach

Cayman Islands Fiduciary Services published an article authored by Alric Lindsay titled Data Breach and Paradise Papers. Here is a summary just for you.

  • The Cayman Islands is said to be the hub for financial institutions and also FinTech. It is imperative to have a Data Privacy Policy that businesses and organizations are governed by. Law firms are encouraged to reassess their Information Technology, online client portals, and security systems in order to better secure client data.
  • One of the main challenges that law firms are facing is ongoing diligence in maintaining an effective data protection regime. These challenges can be broken down into two parts, they are:
    1. Defending technical data security compromises (eg breaches of security, utilization of software without updated security, and software that are being used that do not comply with OWAS/ASVS). This is a Security standard that applications running on the internet should follow.
    2. And defending non-technical threats. These threats are in the form of not having an effective password creation protocol or not having a back-up recovery action plan.
  • KYC and AML are known to be crucial factors in the Cayman Islands. Robust due diligence to be conducted (including background checks) prior to doing and accepting business on an ongoing basis.
  • The Cayman Islands is a signatory to FATCA (Foreign Account Tax Compliance Act) and the Common Reporting Standard. They’re subjected to submit financial accounts, and other information to the Cayman Islands tax authority, which may then be shared with the United States and the United Kingdom.
  • They are also in full compliance with FATF (Financial Action Task Force). Countries under FATF should ensure that information on beneficial ownership is kept up-to-date. A requirement to maintain a list of shareholders.

 

Reference: caymanfs.com


Contributed by: Daval Gregory from Jamaica. Daval is a member of the CCST Discord group from the G5 Cyber Security Foundation Ltd. Learn more about CCST (Caribbean Cyber Support Team) by visiting caribbeancst.org. CCST is a collaborative group on the Discord platform for Caribbean people in IT, from beginners to experts.

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