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Cayman Strengthens Cybersecurity

by Mike Godfrey, Lowtax.net, Washington
31 May, 2016

The Cayman financial services regulator, the Cayman Islands Monetary Authority, has strengthened its cybersecurity strategy with the adoption of the United States Cybersecurity Framework.

The United States National Institute of Standards and Technology's Cybersecurity Framework is a risk-based set of guidelines designed to help organizations assess current capabilities and create a prioritized roadmap towards improved cybersecurity practices. The Framework enables organizations – regardless of size, degree of cybersecurity risk, or cybersecurity sophistication – to apply the principles and best practices of risk management to improve the security and resilience of critical infrastructure.

The Cayman Islands Monetary Authority has also issued a cybersecurity circular urging financial services industry licensees to remain focused on their organization's data security. The Authority sees cyber-attacks as one of the key risks that the financial sector faces in today's digital environment, where much reliance is placed on mobile computing technologies and the cloud.

The Authority said: "Cyber-attacks are much more frequent, they have become extremely sophisticated and as institutions around the globe are finding, they are very costly."

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