Lucy Frew, a partner based in Walkers’ Cayman Islands office and head of the Global Regulatory & Risk Advisory Group, shares information on the regulatory, financial, and reputational risks that need to be managed and the penalties that might arise for a company that breaches or violates data or privacy laws in the Cayman Islands. Frew also shares insights from recent data breach cases and the impact the events have had on the data protection landscape. She notes that data breaches continue to become more prevalent, and it is important that entities have a response plan in place. Timing to notify the Ombudsman and impacted data subjects and, if applicable, CIMA is very tight – five calendar days and 72 hours, respectively – so a plan needs to be in place in advance.
