Banks, Telcos To Face Sanctions For Data Breaches  – NDPC

The National Commissioner/CEO, Nigeria Data Protection Commission (NDPC), Dr Vincent Olatunji has warned that  commercial banks, telecommunications companies, and other organisations will be sanctioned for breaching  data regulations  of the country.

Olatunji stated this yesterday in Abuja during a news conference on the implementation of the recently signed Nigeria Data Protection Act 2023 by President Bola Tinubu, stressing that the defaulters may  lose  up to two percent  of their annual  revenue for such breaches.

The National Commissioner said that  depending on the impact on the victim and other factors, the sanctions could be more or less severe.He noted that the Act will ensure a sustainable digital economy adding  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 the President achieve his goal of creating one million jobs.

He pointed out that  the Commission aims to intensify  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.

He disclosed 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.

“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 organisation, big or small, must cooperate with the 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”, he added.