Cayman Islands businesses fall short when it comes to protection from cyber attacks. The latest KPMG Cyber Benchmark Report says it is critical that greater emphasis be placed on cyber security here.
It is generally considered a requirement to ensure cyber security is a priority with the industries here in Cayman but a report found it to be severely lacking at local companies.
According to the report companies are leaving sensitive and critical information exposed to threats when cyber security is meant to be a companies first line of defense.
The report stated, “The degree of attention given to cyber security in the annual reports from the Cayman Islands is less than the rest of the Caribbean. In fact, companies in the Cayman Islands produced the lowest result.”
The report also pointed out that key legislation will soon be put into place by the likes of the Cayman Islands Monetary Authority. CIMA says, “The Authority will review licensees’ approaches to data security risk management we will examine technical controls, incident response and staff training.”
Across the pond the EU General Data Protection Regulation is also coming on line and will ensure that any entity that holds or uses European personal data will be reviewed.
The rest of the world will have more mature security practices in place and Cayman will soon be expected to follow suit, and KPMG highlighted the need for Cayman to fix this chink in our armor.