Upcoming Data Protection laws in Cayman Islands aims to put more control in your hands on the information you give to third parties.
The law is fashioned after the UK’s data protection law.
The Data Protection Law wants to give you control of all of your information, how it’s stored and how it’s used.
The law allows you to go to companies you have registered with, like the gym and have all your information removed if you want to and it’s going to force companies to change how they handle client information.
“Now what this law does is give the individual a little bit more power around the information that they are giving out,” said Tri-Bridge Compliance Partners’s Dean Lynee.
Managing director of Tri-Bridge compliance partners, Dean Lynee says the U.K’s and Cayman’s upcoming data protection laws will give people more say over their information.
“So as an individual now you have the rights now to, therefore, refuse your information being used without your consent,” said Mr. Lynee.
Dawn Thomas, Co-Founder of Solex, a consultancy and technology services company says this law holds companies accountable when there is a data breach.
“Companies now under the law also have to report when information is leaked or breached from their organization, so from that perspective, it’s all around protecting the information on individuals that are collected,” said Mrs. Thomas.
She pointed to the Facebook, Cambridge Analytica data scandal saying that situation raised the profile on data protection.
“It’s everywhere at the moment, it’s the big talk right, so I think it validated what everybody already knew that the information that you submit to Facebook is being used in other ways shapes or forms,” said Mrs. Thomas.
She says the data protection laws also allows individuals to go to companies and appeal for their information to be removed if the company cannot remove it. They must supply a valid reason also individuals can ask to see what information an institution has on them.
“You have the right to request it and companies have to have a justifiable reason as to why they have it, they will also have procedures in places as they may have a retention policy that once you’ve been a member of my gym, we’re required to keep your data for 3 years, it may depend on how their systems are structured,” said Mrs. Thomas.
Mr Lynee said under the new law companies will have to review how they gather data and adjust their practices as they could breach the law.
The United Kingdom will implement their data protection law on the 25 May, the Cayman Islands will follow suit in the January 2019.