The Isle of Man government has been actively pursuing measures that could propel the Island towards assuming the mantle of the world’s IT disaster recovery hub in the field of financial services, the local media has reported.
In a bid to achieve this, the Island’s authorities are seeking to agree memoranda of understanding (MOU) with multiple offshore jurisdictions which would allow firms using an Island-based disaster recovery service to operate under the same regulations as in their home jurisdictions, according to the Isle of Man Online.
Legislation has been passed with the aid of the Financial Supervision Commission, and it is said that the measures are the first of their type anywhere in the world.
The report quotes Tim Craine, director of e-business, as noting: “It was a perfect example of government working very closely with the private sector. There was an opportunity for the Isle of Man to become a world leader for disaster recovery if we could make it simple and easy for offshore companies to use.”
He added: “The FSC was happy to comply as long as the businesses using the service were subject to adequate supervision in their own jurisdictions, in order to protect the reputation of the Island.”
The initiative is to target offshore jurisdictions that may be vulnerable to natural disasters, such as the Caribbean Islands, in addition to locations vulnerable to attack by viruses or hackers.
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