I don't think there is any cryptic meaning. It's just a name.

Its just a name, its doesn't have any meaning relating to the story,

Shutter normally means "the outside covers of a window" also as a verb it means "to close down (a store, company etc)" but it means nothing in "Shutter Island" It's translated as "Island of Dungeon" in Turkish for an example so as you can see most of the time many languages don't stay true to the original. :)