No legal protections in case of data theft

Charles Duncan reports:

Cayman’s financial institutions face the same threats as any other financial centers around the globe, but local cybersecurity experts say people in Cayman may never find out if their personal information is stolen from a local bank.

Banking regulations in Cayman don’t require banks to tell customers if their data has been compromised by hackers, and that is the same for all industries in Cayman. New data protection legislation, which has been circulating in the Legislative Assembly for years, would add consumer protections and could potentially force banks to share information with customers when data is stolen.

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