The Isle of Man plans to turn itself in IT disaster recovery site for businesses in off-shore financial centres worldwide.
The Isle of Man government has passed legislation that will allow firms in offshore tax havens to transfer their IT operations to the Isle in an emergency, without losing any of their offshore benefits.
The island’s government is negotiating memoranda of understanding with a range of offshore locations.
They will allow firms that relocate their IT systems to the Isle of Man in an emergency to operate under the same regulations as their home-offshore centre.
Offshore locations such as the Turks and Caicos, Bermuda, and the Channel Islands, offer businesses generous tax breaks and higher levels of business confidentiality that are attractive to financial firms.
Tim Craine, director of e-business said that the Isle of Man, would prove attractive to businesses as a back-up centre because of its secure power supplies, low-cost telecoms links, and security from natural disasters and terrorist attacks.
The Isle of Man government also offers grants to assist businesses with the cost of buying IT systems.
The island has had strong interest from financial firms based in the Caribbean, where hurricane risks make disaster recovery planning essential, said Craine.
It has three disaster recovery centres, which manage back-up servers for clients.
Meanwhile, the Isle of Man has taken action to secure sports betting sites against criminal denial of service attacks. It has installed systems to filter out denial of service attacks from the telephone network, while allowing other traffic to continue.