Banks, telcoms, oil firms to lose 2% revenue for data breach – FG

Commercial banks, telecommunications companies, and other organisations will now lose two percent of their annual revenue to the federal government for any breach of their customers’ data, the Nigeria Data Protection Commission (NDPC) has said.   NDPC’s National Commissioner/CEO, Dr Vincent Olatunji, who stated this on Monday in Abuja during a news conference on the implementation […]

Commercial banks, telecommunications companies, and other organisations will now lose two percent of their annual revenue to the federal government for any breach of their customers’ data, the Nigeria Data Protection Commission (NDPC) has said.  

NDPC’s National Commissioner/CEO, Dr Vincent Olatunji, who stated this on Monday in Abuja during a news conference on the implementation of the recently signed Nigeria Data Protection Act 2023, said the sanctions could be more or less severe, depending on the impact on the victim and other factors. 

Olatunji said the act would ensure a sustainable digital economy and that the commission was putting plans in place to create 500,000 jobs in order to close the capacity gap in the subsector and help President Bola Ahmed Tinubu achieve his goal of creating one million jobs. 

The NDPC boss also explained that the commission aimed to increase public awareness campaigns, develop a standardised framework for implementation to ensure consistency and clarity across all sectors and improve capacity-building for Data Protection Officers (DPOs) within the next two quarters of the year. 

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He also revealed plans to upscale the registration process for data controllers and data processors, introduce a definite calendar for filing annual Compliance Audit Returns and strengthen its regulatory frameworks for DPCOs as well as issue sector-specific guidelines, particularly for financial and telecom sectors. 

He said, “At the core of the NDPR is the essence of respect – respect for the personal data of our citizens, respect for privacy, and respect for digital rights. This respect is now solidly etched in the NDPA. 

“The change in legislation is not merely an addendum to the nation’s law books but a transformative stride towards shaping a culture where the protection of personal data is a cherished principle and an inviolable obligation. 

“The move to make data protection a statutory requirement means every organization, big or small, must cooperate with government and also ‘walk the talk’ in the interest of our dear nation. 

“This development should not be seen as a burden; rather, let us view it as an exciting journey towards gaining trust, building robust data protection structures, and strengthening our standing in the global digital economy landscape.”