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Banks, Fintechs, Telcos, others may lose 2% annual revenue to data breach – NITDA

The NITD has disclosed that Banks, Fintechs, Telcos and other organizations may lose up to 2% of their gross annual revenue to data breach.

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The National Information Technology Development Agency (NITDA) has disclosed that banks, Fintechs, Telcos and other organisations might lose up to 2% of their gross annual revenue to a data breach.

This was disclosed at an interactive session on Nigeria’s data protection regime hosted by Taxaide Technologies Ltd. (Taxtech), Nigeria’s foremost Data Protection Compliance Organisation (DPCO) and Anaje Olumide Oke Akinkugbe (AO2 Law) to assist organisations comply with the strict regimen of the newly revised Nigeria Data Protection Regulation 2019 (NDPR).

The revised regulations: Basically, a data breach is an incident that exposes confidential or protected information, and this might involve the loss or theft of customers’ bank accounts or credit card details, personal health information, passwords or email and so on.

  • Speaking at the event, the Keynote speaker, Olufemi Daniel, NDPR Desk Officer, NITDA, stated that there was no better time for stakeholders to get a deeper understanding of the Data Protection Regulation and best practices.
  • He hinted that the NDPR as it stands is not as strict as the General Data Protection Regulation (GDPR) adopted in Europe and they understand it is a relatively new regulation in Nigeria.
  • Specifically, the newly revised NDPR 2019 is targeted at safeguarding data privacy, foster safe conduct of transactions involving personal data and to make Nigerian institutions globally competitive and relevant.
  • Mr. Daniel further stressed that NITDA’s primary concern was compliance with the regulations. According to him, discussions were also ongoing concerning the overlapping functions of different data regulatory bodies in the country such as the Nigerian Communications Commission (NCC) among others to develop synergy.
NITDA

L – R Mr. Bidemi Daniel Olumide, Partner & CEO Taxaide/Taxtech; Mr Olufemi Daniel, NDPR Desk Officer, NITDA; Gbeminyi Shoda, Company Secretary, VFD Group; Prof Abiola Sanni, Chairman Board of Directors Taxtech; Mr Edward Popoola, CTO Cowrywise; Nkem Isiozor, Legal Manager, Intellectual Property & Technology, Nigerian Stock Exchange; Mr. Chinedu Anaje, Managing Partner, A02 Law, and Mr. Joseph Udonsak, Tech Associate, Taxtech

The Penalty: Basically, this regulation applies to all transactions intended for the processing of personal data. According to the regulation, organisations may be fined up to 2% of Annual Gross Revenue of the preceding year or 10 million Naira (whichever is greater) for any case of a data breach. This may also require criminal prosecution under the NITDA’s act.

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  • According to NITDA’s risk-based stratification, the regulation shows that organisations exposed to a very high risk of a data breach include banks, telcos, CBN, PFA, and big insurance companies. On the other hand, organisations exposed to high risk include big fintechs, notable hospitals, NIMC and stockbrokers.
  • Meanwhile, it was disclosed that the self-reporting of a data breach by the Controller is a major consideration in determining the amount of fine to be levied. To this effect, the report must be made within 72 hours from the time of knowledge of the Breach.

While commenting on this, the Managing Partner, AO2 Law, Mr. Chinedu Anaje addressed the need for organisations to seek redress if they are wrongfully fined by the regulators.

“The NITDA gives organisations an opportunity to redress in a court of law, there are numerous cases of that nature in Europe and North America. We expect there will be an increase in data breach cases in the future.”

Similarly, Mr. Olumide Bidemi, CEO of Taxaide, disclosed that Nigeria’s legal structure is ready to guide against data breach which is a common practice in the Nigerian system.

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“Data protection regulation also creates enormous opportunities for every player in the value chain. The players include the regulators, lawyers, relevant professionals and we should have some confidence in the system. We cannot continue in this, organizations must be held accountable for breaches.”

Other speakers during the sessions include Professor Abiola Sanni, Chairman, Board of Directors, Taxtech, Mr. Bidemi Olumide, CEO, Taxtech, Mr. Oyeyemi Oke, Non-Executive Director Taxtech, Mr. Edward Popoola, CTO, Cowrywise, Ms. Gbeminiyi Shoda, Company Secretary VFD Group, Ms. Nkem Isiozor, Legal Manager, Intellectual Property & Technology, The Nigerian Stock Exchange and a host of other distinguished guests.

[READ FURTHER: CBN advise government to adopt “Big Bang approach” to fixing economy]

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

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ENDSARS

#EndSARS: Sanwo-Olu gifts families of slain police officers N10 million each

Governor Sanwo-Olu has compensated the families of slain police officers with the sum of N10 million each.

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Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts

The Executive Governor of Lagos State, Babajide Sanwo-Olu has brought respite to the families of police officers killed during the violence witnessed in the aftermath of the #EndSARS protests.

According to the disclosure on the Twitter page of the Lagos State Government, the families were handed a cheque of N10 million each and the children of the slain officers awarded scholarships by the government.

What they are saying: Commenting on the recent development, a tweet by the Lagos State Government read thus: “Governor @jidesanwoolu handing over a cheque of 10 million naira each to the families of police officers who lost their lives during the unrest that followed the EndSARS protest and awarding scholarship to their children.’’

Why this matters: The recent effort by the Governor is in fulfillment of the promise he had earlier made to compensate affected victims of the post-EndSARS protest which led to the loss of lives and valuable properties both in the state and the country at large.

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The compensation will be viewed by serving officers as a motivation, aimed at promoting patriotism, loyalty, commitment and dedication to national service.

What you should know

  • Lagos State Government had earlier set up a N200 million fund for victims of police brutality
  • As a follow-up, Nairametrics had earlier reported that Lagos State Government offered scholarships to children of slain police officers.

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Corporate Press Releases

How digital transformation will impact Nigeria’s projected $8.79 billion economic expansion

Businesses will need to invest in appropriately reskilling and upskilling the national workforce to create a better digital Nigeria.

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The Nigerian economy is projected to grow by $8.79 billion in the next three years to 2023, driven largely by the ICT, agriculture, health, finance and insurance sectors, according to a new study by global training providers elev8 and the BusinessDay Research and Intelligence Unit (BRIU).

More than half of the projected growth will come from the ICT sector, as companies continue to create innovative products and services leveraging ICT and telecoms. To take advantage of this growth, however, businesses will need to invest in appropriately reskilling and upskilling the national workforce to create a better digital Nigeria.

The research comes off the back of the Covid-19 pandemic, which has laid bare the digital divide, with those businesses having invested sufficiently in their digital capabilities overtaking those firms who failed to do so.

However, this trend of digitally forward businesses outperforming their technology-inferior counterparts isn’t new, the study reveals. Analysis of the data, which went back as far as 1992, showed that the major companies outperforming others in Nigeria are those that spend more on upskilling, research and development, and technology acquisition.

Economic rewards await

In recognition of its benefits, Nigeria has made efforts in the past, and continues to make more efforts at digitalizing its economy. The progress made in Nigeria’s ICT sub sector has had a positive effect on its gross domestic product (GDP). Research shows that the sector’s contribution to GDP has risen from 7.70 percent in 2012 to 14.30 percent by Q2 2020.

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Meanwhile, the Nigerian government’s National Digital Economy Policy and Strategy, launched in 2019, aims to improve digital literacy and skills to build out the country’s digital capabilities.

However, the digital infrastructure readiness in Nigeria is still far below the global average. For this to be upgraded, the current skill set of government employees working in this area will need to be updated. This should warrant the designing of training programs that will help the government raise the level of digital infrastructure in Nigeria in the shortest possible time and at affordable costs.

The high economic rewards from closing the digital skills gap should see this become an even greater priority. If the entire Nigerian economy is digitalized, the country could take a bigger bite of the global digital economy, which is estimated at $11.5 trillion.

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Where digital leaders are made

Global training provider elev8 offers training programs focused on the latest technologies, and is uniquely placed to help businesses and the Nigerian government connect to opportunities as highlighted in the report.

Bringing together renowned industry experts, elev8 offers the flexibility of virtual classrooms or face-to-face programs, depending on what’s best for the organization and its learners.

Taking a holistic approach, power skills like communication, collaboration and analytical thinking are embedded into elev8’s technical training in order to develop well-rounded digital experts who can bring the most value to their employers.

Training methods are practical and action-based – built around projects, tackling real business challenges – enabling learners to put theory into practice from the day one.

No matter the technical need, elev8 can design and implement bespoke solutions tailored to a company’s individual requirements.

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elev8’s global academy equips business leaders, teams and organizations with the skills they need to leverage the technologies of the future and transform Nigeria into a knowledge-based economy.

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To read the report in full, or to discover more about the elev8 training academy, go to www.elev8me.com/en-us/africa.

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Coronavirus

Covid-19: WHO says the promise of vaccine is a game changer

The WHO has stated that the promise of Covid-19 vaccines is phenomenal and potentially game-changing.

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The World Health Organization has said that the promise of Covid-19 vaccines is phenomenal and potentially game-changing.

This disclosure was made by the WHO’s Regional Director for Europe, Hans Kluge, during a press briefing at Copenhagen on Thursday, December 2, 2020, according to a report from Reuters.

Kluge said there are expectations that there would be limited supplies of Covid-19 vaccine supplies at the early stages and as such countries must decide who gets priority.

However, the WHO emphasized that there is a growing consensus among stakeholders that older people, medical workers, and people that share the virus with some other health conditions will be among the first recipients of the vaccine.

What you should know

It can be recalled that yesterday, UK regulator gave its approval to the Covid-19 vaccine, which was developed by Pfizer Inc in collaboration with BioNTech, moving ahead of the rest of the world, including the United States in the race to begin the most crucial mass inoculation programme in history.

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  • This follows the announcement by Pfizer that the vaccine proved 95% effective in a final analysis of clinical-trial data for its phase 3 study.
  • In addition, Biotech firm, Moderna Inc, also announced that its Covid-19 experimental vaccine was 94.5% effective in a preliminary study.
  • The United States and European Union regulators are sifting through the same Pfizer vaccine trial data, but are yet to give their approval.
  • The WHO revealed on Wednesday it had received data from Pfizer and BioNTech on the vaccine and was reviewing it for possible listing for emergency use, a minimum condition for countries to authorize national use.

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