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Good evening everyone. It feels so good to be back with another discussion. Today we will delve into the murky waters of Data Privacy, our topic is "The Obligations and Challenges of Nigerian Companies under Nigeria's Data Protection Regime”.
Before we begin, why is data protection important to businesses especially SME's? Many have are of the opinion that protecting customer privacy is only an issue for Big business giants like MTNN and Zenith Bank? Think again.
Many small companies have lost customer trust or even been sued over privacy mishaps in recent years. Some have seen customers "Bolt" to other platforms or completely remove their data over data breaches
We've not even started talking about the tough as nails regulators that do not tolerate data breaches. These problems non-compliant businesses face will likely increase as data collection grows in size and importance for modern SME's as a result of the 4th Industrial Revolution.
The Economist has stated that Data due to technological advancement and digital inclusion has become more valuable than oil was to the 20th Century. For context, that makes Data the most valuable resource of all time!
The vast importance of data to the industry, commerce and human development has led to the need for data protection.
Data protection adjudged to be an extension of fundamental human rights.
Data protection adjudged to be an extension of fundamental human rights.
Data protection includes mechanisms, laws and regulations that make it illegal to store or share some types of information about people without their knowledge or permission.
The essence of data protection to an individual or a company is to minimise the risk of identity theft, exploitation and manipulation. These personal data reveal a lot about a person, their thoughts, life, choices, and finances
The importance of data protection is to enable individuals and companies to take control of their personal information.
Furthermore, it makes the body or platform usually referred to as the data controller accountable to the data subject, i.e. where there is a breach his obligations in relation data subjects’ personal data, a data subject has a cause action against the data controller.
Data protection also makes the data subject to have the right to give the controller access to the individual's data and the extent of such data.
Data protection also imposes obligations on the data controller in relation to the data of individuals or companies.
Data protection also imposes obligations on the data controller in relation to the data of individuals or companies.
Examples of Data breaches that have put companies in Hot Water
There have been many
Yahoo
In 2013-2014, about 3 billion accounts were compromised. This data breach led to a class action suit and an enormous settlement.
There have been many
Yahoo
In 2013-2014, about 3 billion accounts were compromised. This data breach led to a class action suit and an enormous settlement.
Uber- In October 2016, 57 million accounts and drivers’ data were compromised. The breach occurred when two hackers obtained login credentials to access data stored on uber’s Amazon Web Services account. The company eventually settled with the Hackers to protect its Client data.
Facebook- Cambridge Analytica in 2018 also acquired personally identifiable information of up to 87 million Facebook users without their consent resulting in a significant breach.
The data comprised was used to facilitate a political campaign. The data harvested by Cambridge Analytical was used to create psychographic profiles.
The data was detailed enough to create a profile which suggested what kind of advertisement would be most useful to persuade a particular person in a specific location for some political event.
Facebook faced a lot of public pushback and Regulatory and Legislative oversight when then the news of the Data Breach Broke.
NYSC/ MOST NIGERIAN TERTIARY INSTITUTIONS/ GOVERNMENT AGENCIES
Locally we have suffered a significant incidence of a data breaches, wherein corp members or ex-corp members/ students/ ex-students and are targets of phishing.
Locally we have suffered a significant incidence of a data breaches, wherein corp members or ex-corp members/ students/ ex-students and are targets of phishing.
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