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Cybersecurity Statement of Guidance for Regulated Entities

Weekly insights from CIMA’s Cybersecurity Guidance

We are pleased to introduce Deloitte Cayman’s weekly Cyber Insights to help you navigate the regulatory requirements from the Cayman Islands Monetary Authority (CIMA) Cybersecurity Guidance.

Insight #1 | Overview

Did you know? 

Considering the growing cyber threats to the Financial Industry, CIMA gazetted the Rule and State of Guidance – Cybersecurity for Regulated Entities on May 27, 2020 and will come into effect November 27, 2020.

The goal of the Guidance is to ensure that entities regulated by CIMA establish a robust cybersecurity program and comply with the related requirements. 

Entities that are regulated under the following are in scope: 

  • Banks and Trust Companies Law
  • Securities Investment Law
  • Development Law
  • Money Services Law
  • Insurance Law
  • Building Societies Law
  • Directors Registration and Licensing Law, 2014 
  • Mutual Funds Law
  • Cooperative Societies Law
  • Companies Management Law
  • Private Trust Companies Regulations

Next week, we discuss:
General guidance which regulated entities can consider when developing their cybersecurity risk management framework.

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