LCCI, Stakeholders Urge Businesses To Invest In Data Protection

Industry stakeholders have called on businesses to invest in data protection and on awareness on the importance of data safety, as well as engaging competent data managers, controllers and processors for safe and proper handling of company and customers data.

The president of Lagos Chamber of Commerce and Industry (LCCI), Dr. Michael Olawale-Cole stated that “the conference theme is becoming increasingly important for the business community, policymakers, regulators and the entire public as increasingly more of our business operations and transactions are moving online.”

“People around the world want to see their privacy protected. Consumers want their data to be safe. In turn, businesses recognise that strong privacy protections give them a competitive advantage.

 as confidence in their services increases. This developing convergence in privacy standards at international level allows data to flow easily. It therefore boosts trade, while improving the level of protection of personal data when transferred abroad,” he stated.

Olawale-Cole noted further that “many of the existing regulatory instruments in the digital space and in particular data protection and cybersecurity have been developed in silos. The impacts of these data protection and privacy legislation may be harmful. Hence, the need to have comprehensive regulation, which makes it easier for investors and stakeholders to support the development of the sector.”

National commissioner/chief executive officer, Nigerian Data Protection Commission (NDPC), Dr Vincent Olatunji said that careless handling of customers’ data will no longer be a forgivable offence for banks, telecom firms and other business organisations in Nigeria, as the Commission moves to enforce the country’s data protection regulations.