Cyber and privacy risk management: Cayman Islands
Our portfolio of high-demand services is designed to address your cyber and privacy regulatory compliance requirements in a holistic and impactful way.
The team
What we are seeing in the market
The cyber threat landscape is increasing and expanding. As we move to an experience-led economy powered by data, there is also an increased focus on data privacy, underpinned by rising customer expectations and increased regulatory scrutiny. The pace and scale of regulatory change over the last five years have greatly impacted organizations’ approach to cyber and privacy risk management both locally and globally.
Approach to cyber and privacy risk management
7%of organizations would describe cybersecurity as enabling innovation; most choose terms such as “compliance-driven” and “risk-averse.”
Approach to cyber and privacy risk management
86%of organizations say that crisis prevention and compliance remain the top drivers of new or increased security spending.
2019 saw the highest-ever fines issued by privacy regulators; meanwhile, data breaches reported under the General Data Protection Regulation (GDPR) more than doubled over the prior year.
Approach to cyber and privacy risk management
6 in 10businesses only consider cybersecurity after it’s already too late.
Approach to cyber and privacy risk management
59%faced a serious cyber incident in the past 12 months.
Cayman regulatory landscape: what’s changing?
What does this mean for you?
An effective approach to compliance
A new mindset is required to meet new and broader regulatory expectations and to enable the drive for change in a way that delivers real value to the business.
Yesterday's thinking |
Today's thinking |
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Organizations have implemented many risk and control structures post-crisis at the regulators’ reques leading to patchwork piecemeal and often siloed solutions. | Integrated: Organizations address cyber and privacy risk governance holistically, not in a compartmentalized manner; they work to certify each of the parts works well together. |
The collective mindset remains focused on regulatory compliance. | Strategic: Focus on capturing key benefits of effective cyber and privacy risk governance by aligning strategic decisions with the vision of the organization and realizing compliance forms part of the journey of continuous improvement. |
Not enough organizations fully consider future regulatory requirements – they focus too heavily on domestic requirements with insufficient regard to global cyber and privacy trends. | Forward-looking: New approaches are built with a view to the future – heading in the direction of global cyber and privacy trends, not where the agenda currently stands. |
Cyber risk and control approaches have often been decentralized, overlapping and/or duplicative. | Effective and efficient: Second-line risk and control approaches are centralized, roles and responsibilities are clearly defined, and integrated systems and infrastructure are sustainable and cost-efficient. |
In several areas, organizations embarked on complex or impractical approaches. | Practical: There is a strong focus on driving practical and substantive change in cyber and privacy risk governance. |
Mapping out your compliance journey
EY’s insights on the key areas to comply with CIMA cyber regulation
Impacted area |
Key considerations |
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Framework and cyber risk management
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Role of the governing body
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Cybersecurity awareness, training and resources
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Third-party risk management
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Data protection
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Notification requirements
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Enforcement
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EY’s insights on the key areas to comply with the DPL regulation
Impacted areas |
Key considerations |
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Data protection policy and data classification
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Privacy risk and controls
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Data life cycle management
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Data subject rights
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Privacy by design and architecture
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Data security
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Data retention and disposal
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Monitoring |
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Incident response and breach notification |
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Vendor management |
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How we can help
Our portfolio of high-demand services is designed to address your cyber and privacy regulatory compliance requirements in a holistic and impactful way.