FG Begins Enforcing the Data Privacy Law, Banks, telcos, and others will Face Steep Fines.

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Banks, telecommunications corporations, and other organizations might face fines of up to 2% of their annual turnover for data breaches, according to Dr. Vincent Olatunji, the National Commissioner/CEO of the Nigerian Data Protection Commission (NDPC).

The NC stated that the severity of the sanctions could vary according on the impact on the victim and other considerations. He emphasized that “our goal is not to witch-hunt or fine anybody, but to inculcate in people, both by default and by design, the culture of personal information compliance,” and he implied that CEOs of public institutions will be held responsible for data breaches rather than the organization.

The head of the NDPC said that the Act will guarantee a sustainable digital economy and that the commission was putting measures in place to create 500 000 jobs in order to close the subsector’s capacity deficit and support the President’s effort to create one million jobs.

Sunnews.

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